AURORA, ON, Oct. 2, 2015 /CNW/ - 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.
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.
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.
Image with caption: "Stadco Telford, UK Facility (CNW Group/Magna International Inc.)". Image available at: http://photos.newswire.ca/images/download/20151002_C8570_PHOTO_EN_512640.jpg
For further information: Tracy Fuerst, Director, Corporate Communications & Media Relations, (248) 631-5396, Tracy.email@example.com