AUBURN HILLS, MICH. (July 28, 1:30 p.m. ET) — TI Automotive Ltd. announced today it secured a contract to supply fuel tanks to Daimler AG's Smart car platform and Renault SA's Twingo platform.
Financial terms of the deal were not disclosed.
The Auburn Hills-based supplier will produce nearly 350,000 tanks for the automakers annually from its German plants in Ettingen and Rastatt.
The contract with Renault brings TI's total production for the French automaker to 800,000 fuel tanks annually.
TI's German plants also manufacture millions of its plastic fuel tanks for Volkswagen Group's European models.
TI has secured 70 fluid systems contracts through the first half of 2011.
In June, TI hired Deutsche Bank and Lazard Ltd. to explore strategic alternatives for the company, including a potential sale or initial public offering, people familiar with the matter told the Reuters news service.