29 Mar, 2019, 06:04 ET
SEOUL, South Korea, March 29, 2019 /PRNewswire/ -- Hanon Systems (KS: 018880) today announced it has completed the acquisition of the Fluid Pressure & Controls business of Magna International Inc. for approximately $1.2 billion. The two companies announced plans for the transaction on Sept. 20, 2018.
"This transaction is a significant milestone in the history of Hanon Systems and strengthens its position in the automotive thermal management sector," said Yeo-Eul Yoon, Hanon Systems Chairman of the Board and Chairman of Hahn & Company, the company's majority shareholder.
Hanon Systems pursued this exclusive deal with Magna International based on the alignment of this business to the company's strategic priorities. The business acquired specializes in thermal and energy management solutions designed to improve conventional and electrified powertrain efficiency. It includes a range of mechanical and electronic pumps for automotive thermal and transmissions systems, and brushless direct current motor and electronic cooling fan technologies.
The transaction involves nine manufacturing and engineering facilities across Europe, North America and Asia, and approximately 4,100 employees. Based on 2018 results, the combined business would have generated annual revenue of $6.9 billion.
"The new Hanon Systems – with its competitive technology and innovative capabilities, expanded global footprint and highly regarded talent pool – is well-equipped to support global automakers and the industry shift toward e-mobility," noted Y.E. Yoon.
About Hanon Systems
Hanon Systems is a full-line supplier of automotive thermal and energy management solutions for electrified and conventional vehicles. Its offering includes a wide range of solutions in the areas of heating ventilation and air conditioning; powertrain cooling; compressor; fluid transport; and electronics and fluid pressure. The company currently employs more than 22,000 people across 21 countries at its 51 manufacturing and 23 engineering sites. To learn more, visit hanonsystems.com.
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