Magna acquires Techform Group of Companies

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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THIS RELEASE MAY CONTAIN STATEMENTS WHICH CONSTITUTE "FORWARD-LOOKING STATEMENTS" UNDER APPLICABLE SECURITIES LEGISLATION AND ARE SUBJECT TO, AND EXPRESSLY QUALIFIED BY, THE CAUTIONARY DISCLAIMERS THAT ARE SET OUT IN MAGNA'S REGULATORY FILINGS.  PLEASE REFER TO MAGNA'S MOST CURRENT MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL POSITION, ANNUAL INFORMATION FORM AND ANNUAL REPORT ON FORM 40-F, AS REPLACED OR UPDATED BY ANY OF MAGNA'S SUBSEQUENT REGULATORY FILINGS, WHICH SET OUT THE CAUTIONARY DISCLAIMERS, INCLUDING THE RISK FACTORS THAT COULD CAUSE ACTUAL EVENTS TO DIFFER MATERIALLY FROM THOSE INDICATED BY SUCH FORWARD-LOOKING STATEMENTS. THESE DOCUMENTS ARE AVAILABLE FOR REVIEW ON MAGNA'S WEBSITE AT WWW.MAGNA.COM.

 

SOURCE: Magna International Inc.

For further information:

Tracy Fuerst
Director, Corporate Communications &
Media Relations
(248) 631-5396
Tracy.fuerst@magna.com


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