Mr. John Farrell reports
MAGNA SIGNS AGREEMENT TO ACQUIRE STADCO
Magna International Inc. has signed an agreement to acquire Stadco Automotive Ltd., an independent Tier 1 Body-In-White supplier based in the United Kingdom.
Stadco has industry-leading expertise in the automotive industry in the supply of steel and aluminum stampings as well as complex vehicle assemblies to customers such as Jaguar Land Rover, Ford Motor Company and General Motors. Stadco has four manufacturing facilities located in the United Kingdom and one in Germany, employing in total approximately 1,400 people.
"Stadco's Body-In-White expertise complements our capabilities in the body and chassis market," said John Farrell, president, Cosma International. "In addition, this acquisition expands Cosma's geographic footprint and strengthens our existing global customer base."
The transaction is expected to close in the fourth quarter of 2015 and is subject to a number of customary conditions, including regulatory approvals. Financial details of the acquisition are not being disclosed.
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