TitanX recently received a letter of intent which awarded the company 100 percent of the engine-cooling module volume to Daimler Trucks in North America.
To handle the deliveries TitanX will expand its industrial footprint in North America by starting a new factory in Mexico. With the high value of the Daimler Trucks business, and recent growth of shares with Daimler Trucks in Europe, TitanX is reinforcing its position with the largest truck maker in the world.
The award is a recognition from TitanX customers that its global strategy and technical level is successful. The close cooperation of the European and North American TitanX teams resulted in a world-class solution. TitanX convinced Daimler of its competence and competitiveness throughout the tendering process. Leading technology with high performance, reduced weight and extended lifetime paved the ground for the award.
The contract places TitanX as the market leader in the Western World and in North America for engine-cooling modules to heavy-duty trucks.
Stefan Nordstrom, TitanX chief executive officer, said, ''We need now to show we have earned this market position and the work to maintain it will be challenging. With a continued good technological development combined with an excellent customer service and project management, effective cost reductions and production and strongly dedicated and competent employees, I feel we have a very good chance to secure a very successful future.''
Matt Moore, TitanX North America president, said, ''This award is a significant step in the growth of TitanX Engine Cooling, Inc. The expansion of our industrial footprint to match the manufacturing locations of our customers is fundamental to compete in this market. This award does not affect the installation of the new brazing line in the TitanX Jamestown facility. We are proceeding as planned with these investments. The global TitanX team has done a great job to secure this contract. We must daily continue to prove why TitanX is the right choice for the truck industry's cooling needs.''
TitanX is a leading supplier of engine and oil cooling equipment to commercial vehicles. With factories in Sweden, the United States in Jamestown and Brazil, TitanX delivers to all leading manufacturers of trucks, buses, construction equipment and diesel-driven electrical generators in the Western World. The company was formed in May 2008 when the Swedish private-equity firm EQT acquired it from Valeo. The company has approximately 1,000 employees with its head office in Gothenburg, Sweden.