Cosma International announces acquisition of Grenville Castings (2007) Limited
Positions company to become a global manufacturer of structural aluminum castings
AURORA, ON, Aug. 31, 2011 /PRNewswire/ - Cosma International, a leading global automotive metalforming supplier and an operating unit of Magna International Inc., announces the acquisition of Grenville Castings (2007) Limited ("Grenville Castings"), a structural casting supplier of aluminum components for the automotive, heavy truck and recreational markets. Grenville Castings, headquartered in Perth, Ontario, is a niche production and development company with a focus on complex structural casting. Its core technology includes thin wall and hollow core low-pressure casting.
With the combination of Cosma's global footprint and the technical expertise gained from Grenville Castings, the acquisition positions Cosma to become a leading global manufacturer of aluminum structural castings in all major geographic markets. The acquisition will also support Cosma's global launch of an automotive chassis program which is scheduled to start production in 2014. Production will be supported through both existing and new manufacturing facilities.
"This acquisition further enables Cosma to support our customers with lightweight solutions through the latest technologies and proven manufacturing excellence. Grenville's expertise in the area of structural castings enhances our already diverse range of metalforming solutions," said Horst Prelog, President of Cosma International.
Financial details of the acquisition are not being disclosed.
About Cosma International
Cosma International (www.cosma.com), an operating unit of Magna International Inc., manufactures a comprehensive range of metal body systems, components, assemblies and modules including complete vehicle frames, chassis systems and body-in-white systems using a variety of innovative processes including hydroforming, stamping and roll forming. Cosma has 47 manufacturing facilities and 25 product development and engineering centers worldwide.
About Magna International Inc.
We are the most diversified global automotive supplier. We design, develop and manufacture technologically advanced automotive systems, assemblies, modules and components, and engineer and assemble complete vehicles, primarily for sale to original equipment manufacturers (OEMs) of cars and light trucks. Our capabilities include the design, engineering, testing and manufacture of automotive interior systems; seating systems; closure systems; body and chassis systems; vision systems; electronic systems; exterior systems; powertrain systems; roof systems; hybrid and electric vehicles/systems; as well as complete vehicle engineering and assembly.
We have approximately 104,000 employees in 269 manufacturing operations and 84 product development, engineering and sales centres in 26 countries.
SOURCE Cosma International
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