Cascade Township-based Cascade Engineering Inc. has sold its Budapest, Hungary-based injection molding business Cascade Engineering Europe to Auburn Hills, Mich.-based automotive supplier TI Fluid Systems.
The transaction was valued at $27.7 million (25.4 million euros), according to a statement. The acquisition includes an almost 70,000-square-foot facility. TIFS will keep on CEE’s 349 employees. Shovel Mold
Cascade Engineering Europe designs and manufactures thermal fluid connectors and other complex plastic injection molded components for the automotive industry.
“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 a statement.
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“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.
The acquisition is subject to customary closing conditions and regulatory approval.
Cascade Engineering Inc. did not respond to requests for comment by Plastics News, which is owned by Crain Communications.
CEE is expected to generate 2023 sales of $37.4 million (35 million euros) for TI Fluid Systems, a supplier of thermal and fluid system solutions for the automotive market in 28 countries.
“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.
TI Fluid Systems did not immediately respond to a request for comment by Plastics News.
The latest transaction follows a series of divestitures for Cascade Engineering. Last year, Cascade sold its power sports business to Tuscon, 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.
Angle Advisors acted as the exclusive investment banking adviser to Cascade Engineering and CEE through the transaction.
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