AURORA, ON, Sept. 26, 2016 /CNW/ - Magna International Inc.
announced today that it has signed a purchase agreement to acquire
the BÖCO 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, BÖCO'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. BÖCO has annual sales of more than 100 million Euro and its customers include the
BMW Group, Daimler and Audi. The addition of BÖCO complements
Magna's product portfolio, enhances its engineering capabilities
and strengthens its leadership position in the global closure
systems market.
"We believe BÖCO 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. "BÖCO'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."
About Magna
We are a leading global automotive
supplier with 309 manufacturing operations and 99 product
development, engineering and sales centres in 29 countries. We have
over 152,000 employees focused on delivering superior value to our
customers through innovative products and processes, and World
Class Manufacturing. We have 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. Our common shares trade on the Toronto Stock
Exchange (MG) and the New York Stock Exchange (MGA). For further
information about Magna, visit our website at www.magna.com.
THIS RELEASE MAY CONTAIN STATEMENTS WHICH CONSTITUTE
"FORWARD-LOOKING STATEMENTS" UNDER APPLICABLE SECURITIES
LEGISLATION AND ARE SUBJECT TO, AND EXPRESSLY QUALIFIED BY, THE
CAUTIONARY DISCLAIMERS THAT ARE SET OUT IN MAGNA'S REGULATORY
FILINGS. PLEASE REFER TO MAGNA'S MOST CURRENT MANAGEMENT'S
DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL
POSITION, ANNUAL INFORMATION FORM AND ANNUAL REPORT ON FORM 40-F,
AS REPLACED OR UPDATED BY ANY OF MAGNA'S SUBSEQUENT REGULATORY
FILINGS, WHICH SET OUT THE CAUTIONARY DISCLAIMERS, INCLUDING THE
RISK FACTORS THAT COULD CAUSE ACTUAL EVENTS TO DIFFER MATERIALLY
FROM THOSE INDICATED BY SUCH FORWARD-LOOKING STATEMENTS. THESE
DOCUMENTS ARE AVAILABLE FOR REVIEW ON MAGNA'S WEBSITE AT
WWW.MAGNA.COM.
SOURCE Magna International of America Inc.