AURORA, ON, Jan. 4, 2016 /PRNewswire/ - Magna International Inc. announced today that it has completed its acquisition of the GETRAG Group of Companies ("GETRAG"), one of the world's leading independent suppliers of automotive transmissions.
GETRAG's established product line complements Magna Powertrain's expertise in engineering and manufacturing and provides new opportunities for growth. In particular, GETRAG is a leader in the market for dual-clutch transmissions ("DCTs"), a segment which is expected to experience high growth globally over the next decade.
"Expanding our business to provide complete powertrain solutions has been a strategic priority for us," said Jake Hirsch, Magna Powertrain President. "We believe that GETRAG is an excellent fit in terms of product, technology, footprint, customers and people and look forward to working together to continue building on their history of innovation."
GETRAG brings an 80-year history in transmissions and technology leadership, offering a range of transmission systems including manual, automated-manual, dual-clutch, hybrid and other advanced systems. Beyond enhancing Magna's powertrain systems capabilities the combined product portfolio will enhance vertical integration opportunities.
"We welcome GETRAG and its approximately 14,000 dedicated employees to the Magna family of companies," said Magna CEO Don Walker. "With the completion of this acquisition, we continue to demonstrate our focus on a refined portfolio of strategic automotive product lines."
"Under Magna's ownership, GETRAG is well positioned to become even stronger," said GETRAG CEO Mihir Kotecha. "I expect that the combined businesses will be even better positioned to realize opportunities being created in the powertrain segment by the need for improved fuel efficiency and reduced carbon emissions."
About Magna International
We are a leading global automotive supplier with 305 manufacturing operations and 95 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.
FORWARD LOOKING STATEMENTS
This press release contains statements that constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities legislation, including, but not limited to, statements relating to: strategic benefits expected to result from the acquisition; anticipated growth of the DCT market and our ability to capitalize on such expected growth; and our ability to benefit from industry trends related to increased fuel efficiency and reduced emissions. The forward-looking information in this document is presented for the purpose of providing information about management's current expectations and plans and such information may not be appropriate for other purposes. Forward-looking statements may include financial and other projections, as well as statements regarding our future plans, objectives or economic performance, or the assumptions underlying any of the foregoing, and other statements that are not recitations of historical fact. 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In evaluating forward looking statements, we caution readers not to place undue reliance on any forward-looking statements and readers should specifically consider the various factors which could cause actual events or results to differ materially from those indicated by such forward-looking statements. Unless otherwise required by applicable securities laws, we do not intend, nor do we undertake any obligation, to update or revise any forward-looking statements to reflect subsequent information, events, results or circumstances or otherwise.
SOURCE Magna International Inc.