Automotive pump manufacturer improves technology position,
global footprint
AURORA, ON,
Nov. 30, 2012 /PRNewswire/ - Magna
International Inc. announced today that its Magna Powertrain
operating unit has completed the transaction to acquire ixetic
Verwaltungs GmbH ("ixetic"), a manufacturer of automotive vacuum,
engine and transmission pumps.
With the acquisition, Magna Powertrain continues to execute its
strategy to solidify and improve its market position in the field
of vacuum and transmission oil pumps, and enhances its footprint
both in Europe and globally. The
purchase price payable for 100% of the outstanding shares of
ixetic, on a cash- and debt-free basis, was approximately €308
million.
"The ixetic acquisition is a significant milestone for Magna
Powertrain and strengthens our position as a leading manufacturer
of vacuum and oil pumps," said Jake
Hirsch, President, Magna
Powertrain. "These additional technologies complement our
current capabilities in the area of on-demand pumps."
Headquartered in Bad Homburg, Germany, ixetic recorded 2011 total sales of
approximately €300 million. The company holds a strong position
with its customer base, particularly European automakers, and has
manufacturing and assembly facilities in Germany, Bulgaria and China, as well as representation in
Brazil, India, Japan
and the United States.
About Magna Powertrain
Magna Powertrain (www.magnapowertrain.com), an operating group of
Magna International, is a global supplier for the automotive
industry with full capabilities in powertrain design, development,
testing and manufacturing. Complete system integration sets us
apart from our competitors, and our innovations make important
contributions to the overall performance of vehicles around the
world: they improve fuel economy, make vehicles safer and lighter,
ensure a pleasurable driving experience, and provide added value to
our customers.
In line with increasing environmental pressure, many of Magna
Powertrain's innovations focus on electronically controlled
technologies, supporting the quest for improved efficiency and
reduced emissions. Manufacturing locations, engineering centers,
and sales offices are situated close to our global customer base,
stretching throughout all regions of the world.
About Magna International
Magna is a leading global automotive supplier with 305
manufacturing operations and 88 product development, engineering
and sales centres in 27 countries. Our 117,000 employees are
focused on delivering superior value to our customers through
innovative processes and World Class Manufacturing. Our product
capabilities include producing body, chassis, interiors, exteriors,
seating, powertrain, electronics, mirrors, closures and roof
systems and modules, as well as complete vehicle engineering and
contract manufacturing. Our common shares trade on the Toronto
Stock Exchange (MG) and the New York Stock Exchange (MGA). For
further information about Magna, visit our website at
www.magna.com.
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SOURCE Magna International Inc.