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 (25.4 million euros).
"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 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 (35 million euros).
The acquisition includes an almost 70,000-square-foot facility. TIFS will keep on CEE's 349 employees.
TI Fluid Systems did not immediately respond to request for comment by Plastics News.
"This strategic move allows for greater opportunity for CEE in alignment with a large multinational organization and is a smart move for Cascade Engineering as it allows us to focus on our core," Christina Keller, CEO of Cascade Engineering, Inc., said in the release.
"Our CEE team members have showed entrepreneurship at its finest, growing this organization from the early days of making small trinkets to what it is today as a leader in the fluid connector business," Keller said.
Last year, Cascade sold its power sports business to Tucson, Ariz.-based Walbro Corp. It also sold its business unit, CK Technologies, which injection molds parts for commercial trucks and buses, to Kendallville, Ind.-based Creative Liquid Coatings Inc.
Cascade Engineering Inc. did not respond to requests for comment by Plastics News.
The acquisition is subject to customary closing conditions and regulatory approval.
Cascade Engineering Europe designs and manufactures thermal fluid connectors and other complex plastic injection molded components for the automotive industry.
TI Fluid Systems supplies thermal and fluid system solutions for the automotive market in 28 countries.
Angle Advisors acted as the exclusive investment banking adviser to Cascade Engineering and CEE through the transaction.