VIENNA, Austria, April 25, 2016 /PRNewswire/ - Magna International Inc. announced today that it has signed a purchase agreement to acquire Telemotive AG, a leading engineering service provider in the field of automotive electronics. Subject to regulatory approval, the transaction is expected to close in the second quarter of 2016.
Once complete, Telemotive, with its five German facilities and approximately 550 employees, will be integrated into Magna's vehicle engineering and contract manufacturing operating unit, Magna Steyr. The addition of Telemotive expands Steyr's engineering service product portfolio in vehicle connectivity, Human Machine Interface (HMI) and infotainment.
"This acquisition strengthens our position to not only help customers meet today's challenges, but also those of the Car of the Future including the increased integration of electronic vehicle systems," says Karl-Friedrich Stracke, President Magna Steyr Contract Manufacturing and Engineering. "We are excited to combine our holistic vehicle engineering knowledge with Telemotive's electronics know-how."
Günther Apfalter, President Magna Europe & Magna Steyr: "In today's era of digitization, it is critical for suppliers like Magna to have engineering expertise in these core areas. As the car evolves from primarily mechanical to more electronic systems, we are in a unique position, with deep systems knowledge and full vehicle electronics expertise to continue to deliver innovative solutions to the market."
Magna, through its Magna Steyr operating unit, is the world's leading, brand-independent vehicle manufacturing partner for automobile makers.
About Magna International
We are a leading global automotive supplier with 305 manufacturing operations and 93 product development, engineering and sales centres in 29 countries. We have over 139,000 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, 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.