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Sep 1, 2001 12:00 PM

TMB Industries, a private equity group, has acquired the Fuel Systems business of BorgWarner Inc. Terms of the transaction were not disclosed. Equity participants include principals of TMB Industries and Chilmark Partners, and LaSalle Bank is financing the transaction. The name of the new business entity is Fuel Systems LLC.

Based in Grand Rapids MI, Fuel Systems has annual revenues of about $75 million. The company is an independent supplier of fuel tanks and related components for medium- and heavy-duty trucks. The company also manufactures fuel tanks for buses, military vehicles, and construction-type vehicles.

Frank J Mayer has been appointed president and chief executive officer of Fuel Systems. He has held executive management positions in several companies, including General Electric.

Principals of TMB also own and operate other industrial companies, including Transportation Technologies Industries Inc (TTI), a supplier to the truck OEM market and the truck aftermarket. With revenues in excess of $500 million, TTI supplies products such as Gunite wheel-end components and assemblies, Bostrom seats, Imperial body and chassis components and subassemblies, Brillion complex iron castings, and Fabco on/off road steer drive axles and gearboxes.