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.
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