TI Fluid sees annual revenue of €2.95bn; Chair to retire

Motor engineering firm TI Fluid Systems said it expected to post annual revenue of €2.95bn in a “robust performance” despite chip supply shortages.

The company, which makes automotive fluid storage, carrying and delivery systems for light vehicles, expects its 2021 revenue growth to exceed global light vehicle production growth by approximately 3% for the year to December 31.

No details of fourth-quarter trading were disclosed. In November, TI Fluid said overall group revenue fell 14.4% in the three months to September 30 at reported rates, or 14.7% at constant currency, as global light vehicle production volumes continued to be hit by microchip shortages and supply chain disruptions, falling 19.7% compared to the third quarter of last year.

In a separate statement, board chair Manfred Wennemer said he planned to retire after the company's annual general meeting on May 18. The company has appointed Tim Cobbold, currently senior independent director and chair of the remuneration committee as successor.