(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
TI Fluid Systems (TIFS)