Mr. Frank Seguin reports
MAGNA ACQUIRES TECHFORM GROUP OF COMPANIES
One of Magna International Inc.'s subsidiaries
has signed an agreement to acquire the Techform Group of Companies, an
automotive supplier of hinges, door locking rods and other closure
products. The acquisition combines Techform's product technology and
processing expertise with Magna Closures' system integration, global
footprint and world-class manufacturing capabilities.
On completion of the transaction, Magna will acquire Techform's
facilities located in Penetanguishene, Ont.; Portland, Tenn.;
and Hefei, Anhui, China.
"The Techform acquisition complements our product portfolio and further
strengthens our global leadership position in the closure systems
market," said Frank Seguin, president, Magna Closures and Mirrors.
"Techform's product and processing know-how and technology broadens our
current capabilities and provides additional growth opportunities for
us going forward."
Subject to the completion of certain customary terms and conditions, the
transaction is scheduled to close in early October, 2014. Terms of the
transaction will not be disclosed.
We seek Safe Harbor.
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