Danish remanufacturing company BORG Automotive has acquired Spanish turbocharger company TMI (Turbo Motor Inyeccion). Terms of the deal have not been disclosed.
TMI occupies about 135 employees and is one of the larger European companies remanufacturing automotive turbochargers.
CEO Kim Kruse Andersen of BORG Automotive said: “We have a clear and ambitious growth strategy relying on both organic growth and acquisitions, and we have over the past few years worked on several specific acquisition cases. By acquiring TMI, we now take the first big step in this strategy. TMI is a healthy and well-run family-owned business”.
The acquisition is expected to be completed during the fourth quarter of 2020. After the acquisition, the combined firm will employ 1,500 people and have production sites in Poland, UK and Spain as well as sales offices in Denmark and Belgium.