Tata AutoComp to acquire IAC Sweden, strengthening its presence in Europe
text_fields
Tata AutoComp Systems Ltd has announced its decision to acquire International Automotive Components Group Sweden AB (IAC Sweden) as part of its strategic expansion in Europe’s automotive sector.
In a statement released on Monday, the company emphasised that the acquisition would bolster its presence in Sweden and enhance its relationships with key European Original Equipment Manufacturers (OEMs) across both the passenger and commercial vehicle segments. The move is expected to further solidify Tata AutoComp's global footprint.
While the financial details of the deal were not disclosed, IAC Sweden is known for its strong position in the industry, with an annual turnover of approximately USD 800 million. The company is a leading manufacturer of interior systems and components for the automotive sector.
The acquisition is currently subject to European regulatory approvals, after which Tata AutoComp will integrate IAC Sweden into its operations.
Arvind Goel, Vice Chairman of Tata AutoComp Systems, highlighted the strategic significance of the move, stating, "This acquisition aligns with our long-term vision of expanding in global markets and strengthening our relationships with European OEMs."
He further emphasised that IAC Sweden's strong legacy in delivering high-quality automotive interiors would complement Tata AutoComp’s mission to drive innovation and excellence in the industry.
Tata AutoComp believes that acquiring IAC Sweden will provide significant synergy opportunities, allowing the company to leverage advanced manufacturing capabilities, cutting-edge technology, and well-established customer relationships in the premium automotive segment.