Aotecar New Energy Technology Company Ltd Announces Purchase of Air International Thermal Systems
Posted: October 21, 2015
September 30, 2015 Beijing, China PRC:
Aotecar New Energy Technology Company Ltd. announced today that it has completed the purchase of Air International Thermal Systems (AITS) from Hong Kong based private equity firm Unitas Capital. Aotecar New Energy Technology Company is a Nanjing, China based industrial group company (publically listed on the Shenzhen exchange SZSE: 002239) with significant focus in automotive components. In addition to Air International, Aotecar's automotive components companies include Nanjing Aotecar Compressor, a major supplier of automotive compressors, and Shanghai Aotecar, a supplier of New Energy Vehicle controllers. Air International designs and manufactures HVAC, Powertrain Cooling and Electric / Hybrid Vehicle Thermal components, modules and systems for the global automotive industry with operations in North America, Europe, China, Thailand, India and Australia. Originally founded in Australia nearly 50 years ago, Air International's 1,500 employees provide Thermal Systems to more than 30 automotive OEM's from 20 manufacturing facilities and 10 engineering centers across its 10 countries of operation. The company will continue to operate as a stand-alone entity within the Aotecar New Energy Technology Company portfolio of companies under the direction of the current AITS management team. "Air International is a perfect addition to our growing portfolio of automotive focused component and system suppliers" said Zhang Yongming, CEO of Aotecar New Energy Company. "AITS has a significant global footprint, a very experienced and capable international leadership team, long term relationships with multiple global OEM's in North America, Europe and Australia, as well as with more than 20 automotive companies in the high growth markets of China, Thailand and India. We are targeting significant investment in the company's continued global growth and we will focus heavily on driving new technology to further enhance their competitive position." "I am very proud of the accomplishments of the Air International team over the past several years and our new relationship with Aotecar New Energy Technology Company is very exciting for all of us" added Todd Sheppelman, Chief Executive Officer of Air International Thermal Systems. "I look forward to an even better future for the company with the ability to invest further in our growth, capabilities and technologies that this acquisition will provide us, allowing us to better support our growing customer base and global footprint." "The sale of Air International to Aotecar New Energy Technology Company will allow the company to continue its global expansion and will provide a platform for significant investments to be made in the future" said Sir Kevin Smith of Unitas Capital. "In line with previous sales of automotive suppliers from our investment portfolio, such as Mando and Sensata, the company is performing very strong at all levels and is well positioned to continue its growth around the globe." About Air International Thermal Systems: Air International Thermal Systems (AITS) is a global leading Tier 1 supplier of heating, ventilation and air conditioning (HVAC), power train cooling (PTC) and electric and hybrid vehicle thermal management systems to the world's automotive industry. AITS has a global footprint of more than 30 manufacturing facilities and engineering centers in China, North America, Thailand, Australia, Japan and Europe supplying to more than 30 automotive manufacturers including General Motors, Volkswagen, Ford, Changan, Mazda, SAIC, Great Wall Motors, Fiat-Chrysler, Tata, Suzuki and Isuzu.