By Saabira Chaudhuri
Magna International Inc. (MGA, MG.T) has agreed to acquire
ixetic Verwaltungs GmbH, a manufacturer of automotive vacuum,
engine and transmission pumps, for about 308 million euros ($397
million), as the automotive supplier looks to expand its
footprint.
"Ixetic's technologies, footprint and diverse customer base make
it an excellent fit with our current capabilities in engine and
transmission pumps," Magna Chief Executive Don Walker said.
"Together, our global reach and capabilities position us to support
our combined customers and their desire for more efficient
powertrain solutions."
Ixetic has two manufacturing facilities in Germany, and one in
each of Bulgaria and China. It had total sales of about EUR300
million last year.
The deal is expected to close in the fourth quarter.
Separately, Magna said it has agreed to buy the remaining 50%
stake it doesn't already own in STT Technologies Inc., a supplier
of transmission and engine-related oil pumps.
That transaction is expected to close in October.
Shares of Magna closed at $43.26 Friday and were inactive
premarket. The stock is up 31% in the past 12 months.
Write to Saabira Chaudhuri at saabira.chaudhuri@dowjones.com
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