Auburn Hills, Mich.-based automotive supplier TI Fluid Systems has acquired Budapest, Hungary-based injection molder Cascade Engineering Europe from Grand Rapids, Mich.-based Cascade Engineering Inc. for $27.7 million.
"Our acquisition of CEE is tangible evidence that we are delivering on our electrification strategy," Hans Dieltjens, president and CEO of TI Fluid Systems, said in a Nov. 6 news release. "By integrating CEE's operations and expertise into our global business, we are growing our market share in thermal fluid connectors for electric vehicles—a critical segment for us."
"I would like to extend a warm welcome to CEE's staff, and we look forward to working alongside them as we continue to follow our growth strategy," Dieltjens added.
CEE is expected to generate 2023 sales of $37.4 million.
The acquisition includes an almost 70,000-sq.-ft. facility. TIFS will keep on CEE's 349 employees.