VIENNA, Austria, April 25, 2016 /PRNewswire/ - Magna International
Inc. announced today that it has signed a purchase agreement to
acquire Telemotive AG, a leading engineering service provider in
the field of automotive electronics. Subject to regulatory
approval, the transaction is expected to close in the second
quarter of 2016.
Once complete, Telemotive, with its five German facilities and
approximately 550 employees, will be integrated into Magna's
vehicle engineering and contract manufacturing operating unit,
Magna Steyr. The addition of
Telemotive expands Steyr's engineering service product portfolio in
vehicle connectivity, Human Machine Interface (HMI) and
infotainment.
"This acquisition strengthens our position to not only help
customers meet today's challenges, but also those of the Car of the
Future including the increased integration of electronic vehicle
systems," says Karl-Friedrich
Stracke, President Magna Steyr Contract Manufacturing and
Engineering. "We are excited to combine our holistic vehicle
engineering knowledge with Telemotive's electronics know-how."
Günther Apfalter, President Magna
Europe & Magna Steyr: "In
today's era of digitization, it is critical for suppliers like
Magna to have engineering expertise in these core areas. As
the car evolves from primarily mechanical to more electronic
systems, we are in a unique position, with deep systems knowledge
and full vehicle electronics expertise to continue to deliver
innovative solutions to the market."
Magna, through its Magna Steyr
operating unit, is the world's leading, brand-independent vehicle
manufacturing partner for automobile makers.
About Magna International
We are a leading global automotive supplier with 305
manufacturing operations and 93 product development, engineering
and sales centres in 29 countries. We have over 139,000 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, 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.