Artifex Interior Systems, the British subsidiary of the Indian Tata AutoComp, has concluded a conditional agreement to acquire 100% of the Automobil's Interior Components IC Group (Slovakia).
The agreement is subject to the prescribed regulatory approvals.
Artifex specializes in the design, development, manufacture and supply of inner components for global automobile manufacturers. It has production centers in Elmdon, Scunhorpe and Halewood in England.
This acquisition improves the existing offers of Artifex, marks the beginning of its European expansion and supports its ambitious growth plans in order to become the estimated partner of the choice, said Artifex in a media publication.
“We are pleased to welcome IAC -Slovakia in the Artifex family. This expansion is a crucial step on our trip to become the valued partner of choice,” said Alan Fennelly, CEO of Artifex Interior Systems. “It strengthens our specialist knowledge in automotive interior systems, expands our skills and opens the door to new partnerships and wider markets. I am excited to see what we will achieve together.”
Tata Automp has its headquarters in Pune in the state of Maharashtra and part of the Indian Tata Group and is a supplier of automotive components such as motor cooling systems, HLK units, EV drive strands and battery packs.
“The takeover of IAC-Slovakia will mark an important milestone on the global growth trip of Tata AutoComp” Pti. “After our earlier acquisition of Artifex, this step strengthens our European presence and reflects our commitment to the more effective services of global OEMs.”