Mumbai: Tata AutoComp Systems on Tuesday said it has completed the acquisition of European automotive component manufacturer IAC Sweden and rebranded the entity as Artifex Systems AB.This will strengthen Tata AutoComp's presence in Europe and enhance its partnerships with key European OEMs (Original Equipment Manufacturer) across both passenger and commercial vehicle segments, the company said.
The completion of the acquisition is another step in Tata AutoComp's efforts to expand its global footprint, reinforcing its position as one as one of India's largest and most diversified automotive component manufacturers "This transaction aligns with our long-term vision of strengthening our global presence and deepening our relationships with European OEMs. We have a well-defined plan to strengthen the Artifex brand by bringing together Artifex Systems AB, Artifex Slovakia, and Artifex Interior Systems under one cohesive and unified identity," said Arvind Goel, Vice Chairman, Tata AutoComp Systems Ltd.
The USD 800 million annual revenue company International Automotive Components Group Sweden AB(IAC Sweden) is a European automotive component manufacturer specialising in high- quality interior and exterior systems.The integration brings together complementary strengths of both organisations, combining extensive design, engineering, and system-level capabilities with advanced manufacturing, precision painting, and assembly expertise in the premium automotive space, it said.
"This marks a new phase of progress, bringing possibilities to strengthen our capabilities, expand our reach, and contribute to Tata AutoComp's global vision," said Anders Ericson, Vice President, Operations, Artifex Systems AB."IAC Sweden, now Artifex Systems AB brings with it advanced manufacturing capabilities and a highly skilled workforce with deep expertise in automotive interior & exterior systems. Their strong commitment to quality complements Tata AutoComp's focus on delivering value to global customers," said Manoj Kolhatkar, MD & CEO, Tata AutoComp Systems Ltd.
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