Just recently, TI Automotive has acquired Millennium Industries Corp., a premier powertrain supplier based in Ligonier, Indiana. The companies have not disclosed the agreement terms.
TI Automotive confirmed that it will retain Millennium’s 150,000-square-foot production facility in Indiana as well as its 500 employees. Millenium manufactures top quality power-steering reservoirs and fuel rails for the automotive sector.
Through this acquisition, TI’s current portfolio of diesel fuel lines, turbocharger cooling lines and gasoline direct-injection lines will be further reinforced.
In a statement, CEO Bill Kozyra said that adding Millennium’s powertrain products, operations and technical expertise boosts their ability to do what they do best—develop and manufacture technology that paves the way for fuel economy and performance improvement, while reducing emissions.
Gary Vollmar, Millennium’s president, will remain as an executive adviser to TI’s global powertrain group.
The acquisition marks the first deal for TI under its new owner, private equity company Bain Capital LLC, which acquired TI in June last year for a reported $2.4 billion.
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