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 our customers.
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 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.