TI Automotive Ltd., a Warren-based auto supplier of fluid storage and delivery systems, said today it has sold its Industrial Group businesses to an affiliate of private investment firm Sun Capital Partners Inc.
TI would not disclosed the price tag, but its Industrial Group businesses — which make products like evaporators, condensers and door warmers — represented 15% of TI's sales and employs 5,000 people. TI employs 250 Michigan workers.
TI's sale is the latest in a string of auto supplier deals with private investment companies. As suppliers look to streamline their operations to combat rising raw material costs and production cuts, private equity firms, with money to spend, have been a viable option. Delphi Corp., Lear Corp., Collins & Aikman Corp. and Metaldyne Corp. all have expressed interest or reached deals with private equity companies during the past year.
No other details of the sale were disclosed.
"Over recent months, the board has focused significant effort on determining the strategic direction for the company," said TI CEO William J. Laule in a statement. "This transaction will allow TI Automotive to strengthen its core automotive businesses."