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(Sharecast News) - TI Fluid Systems said it had agreed to buy Hungarian firm Cascade Engineering Europe for €25.4m (£21.7m) in cash.
Cascade makes thermal fluid connectors and other plastic injection moulded components for the automotive industry. TI Fluid said the business had a "strong reputation for its technical expertise and product quality, with in-house capabilities from design and development to tooling, prototyping and serial manufacturing".
"CEE is expected to generate revenue of €35m in the year to December 31 and the acquisition will be immediately accretive to the group's underlying earnings," it added.
Reporting by Frank Prenesti for Sharecast.com
