AURORA, ON, Oct. 2, 2015
/PRNewswire/ - Magna International Inc. today announced that it has
signed an agreement to acquire Stadco Automotive Ltd. (Stadco), an
independent Tier 1 Body-In-White supplier based in the United Kingdom.
(Photo: http://photos.prnewswire.com/prnh/20151002/273399)
Stadco has industry leading expertise in the automotive industry
in the supply of steel and aluminum stampings as well as complex
vehicle assemblies to customers such as Jaguar Land Rover, Ford
Motor Company and General Motors. Stadco has four
manufacturing facilities located in the UK and one in Germany, employing in total approximately
1,400 people.
"Stadco's Body-In-White expertise complements our capabilities
in the body and chassis market," said John
Farrell, President Cosma
International. "In addition, this acquisition expands
Cosma's geographic footprint and strengthens our existing global
customer base."
The transaction is expected to close in the fourth quarter of
2015 and is subject to a number of customary conditions, including
regulatory approvals. Financial details of the acquisition are not
being disclosed.
Cosma International is an operating unit of Magna and is one of
the world's premier global automotive suppliers providing a
comprehensive range of body, chassis and engineering solutions to
OEM customers around the world.
About Magna International
We are a leading global automotive supplier with 287
manufacturing operations and 81 product development, engineering
and sales centres in 29 countries. We have approximately 124,000
employees focused on delivering superior value to our customers
through innovative products, processes and World Class
Manufacturing. Our product capabilities include producing body,
chassis, 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.