20:36:19 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Magna International Inc
Symbol MG
Shares Issued 387,668,760
Close 2016-09-23 C$ 54.80
Market Cap C$ 21,244,248,048
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Magna to acquire automotive closure system supplier

2016-09-26 06:18 ET - News Release

Mr. John O'Hara reports

MAGNA SIGNS AGREEMENT TO ACQUIRE AUTOMOTIVE CLOSURE SYSTEMS SUPPLIER

Magna International Inc. has signed a purchase agreement to acquire the BOCO group of companies, an automotive supplier of latches, hinges and strikers, to help bolster its product portfolio and engineering capabilities in key regions. Subject to regulatory approval, the transaction is expected to close in the third quarter of 2016.

Once complete, BOCO's two facilities located in Wuppertal, Germany, and Tianjin, China, and its approximately 450 employees will be integrated into Magna closures, an operating unit of Magna. BOCO has annual sales of more than 100 million euros, and its customers include the BMW Group, Daimler and Audi. The addition of BOCO complements Magna's product portfolio, enhances its engineering capabilities and strengthens its leadership position in the global closure systems market.

"We believe BOCO is an excellent fit in terms of technology, footprint and customers, and we look forward to working together to further grow our business," said John O'Hara, president, Magna closures. "BOCO's product and processing know-how and engineering strength also provides additional global growth opportunities for us going forward, particularly with automakers based in Germany."

Magna is a global automotive supplier with 309 manufacturing operations and 99 product development, engineering and sales centres in 29 countries. It has complete vehicle engineering and contract manufacturing expertise, as well as product capabilities which include body, chassis, exterior, seating, powertrain, electronic, active driver assistance, vision, closure and roof systems.

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