09:47:18 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Magna International Inc
Symbol MG
Shares Issued 397,287,547
Close 2016-04-22 C$ 54.40
Market Cap C$ 21,612,442,557
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Magna International to acquire Telemotive AG

2016-04-25 09:58 ET - News Release

Mr. Gunther Apfalter reports

MAGNA SIGNS AGREEMENT TO ACQUIRE AUTOMOTIVE ELECTRONICS ENGINEERING BUSINESS

Magna International Inc. 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 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 of Magna Steyr contract manufacturing and engineering. "We are excited to combine our holistic vehicle engineering knowledge with Telemotive's electronics know-how."

Gunther Apfalter, president Magna Europe and Magna Steyr, said: "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."

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