Magna finalizes ixetic acquisition
AURORA, ON, Nov. 30, 2012
Automotive pump manufacturer improves technology position, global footprint
AURORA, ON, Nov. 30, 2012 /PRNewswire/ - Magna International Inc. announced
today that its Magna Powertrain operating unit has completed the transaction
to acquire ixetic Verwaltungs GmbH ("ixetic"), a manufacturer of automotive
vacuum, engine and transmission pumps.
With the acquisition, Magna Powertrain continues to execute its strategy to
solidify and improve its market position in the field of vacuum and
transmission oil pumps, and enhances its footprint both in Europe and
globally. The purchase price payable for 100% of the outstanding shares of
ixetic, on a cash- and debt-free basis, was approximately €308 million.
"The ixetic acquisition is a significant milestone for Magna Powertrain and
strengthens our position as a leading manufacturer of vacuum and oil pumps,"
said Jake Hirsch, President, Magna Powertrain. "These additional technologies
complement our current capabilities in the area of on-demand pumps."
Headquartered in Bad Homburg, Germany, ixetic recorded 2011 total sales of
approximately €300 million. The company holds a strong position with its
customer base, particularly European automakers, and has manufacturing and
assembly facilities in Germany, Bulgaria and China, as well as representation
in Brazil, India, Japan and the United States.
About Magna Powertrain
Magna Powertrain (www.magnapowertrain.com), an operating group of Magna
International, is a global supplier for the automotive industry with full
capabilities in powertrain design, development, testing and manufacturing.
Complete system integration sets us apart from our competitors, and our
innovations make important contributions to the overall performance of
vehicles around the world: they improve fuel economy, make vehicles safer and
lighter, ensure a pleasurable driving experience, and provide added value to
In line with increasing environmental pressure, many of Magna Powertrain's
innovations focus on electronically controlled technologies, supporting the
quest for improved efficiency and reduced emissions. Manufacturing locations,
engineering centers, and sales offices are situated close to our global
customer base, stretching throughout all regions of the world.
About Magna International
Magna is a leading global automotive supplier with 305 manufacturing
operations and 88 product development, engineering and sales centres in 27
countries. Our 117,000 employees are focused on delivering superior value to
our customers through innovative processes and World Class Manufacturing. Our
product capabilities include producing body, chassis, interiors, exteriors,
seating, powertrain, electronics, mirrors, closures 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
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SOURCE Magna International Inc.
Director, Corporate Communications
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