Enhances portfolio with hinge and wire forming
technologies
AURORA, ON,
Sept. 30, 2014 /CNW/ - Magna
International Inc. announced today that one of its subsidiaries has
signed an agreement to acquire the Techform Group of Companies, an
automotive supplier of hinges, door locking rods and other closure
products. The acquisition combines Techform's product
technology and processing expertise with Magna Closures' system
integration, global footprint and world class manufacturing
capabilities.
On completion of the transaction, Magna will acquire Techform's
facilities located in Penetanguishene,
Ontario; Portland,
Tennessee; and Hefei,
Anhui China.
"The Techform acquisition complements our product portfolio and
further strengthens our global leadership position in the closure
systems market," said Frank Seguin,
President, Magna Closures and
Mirrors. "Techform's product and processing know-how and
technology broadens our current capabilities and provides
additional growth opportunities for us going forward."
Subject to the completion of certain customary terms and
conditions, the transaction is scheduled to close in early October,
2014. Terms of the transaction will not be disclosed.
About Magna International
We are a leading global automotive supplier with 317 manufacturing
operations and 83 product development, engineering and sales
centres in 29 countries. We have over 130,000 employees focused on
delivering superior value to our customers through innovative
products and processes, and World Class Manufacturing. Our product
capabilities include producing body, chassis, interior, exterior,
seating, powertrain, electronic, vision, closure 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.