Magna International to acquire Germany’s ixetic Verwaltungs for $396 mn
01 Oct 2012
Magna International Inc, one of the world's biggest manufacturers of auto parts, today said that it will acquire ixetic Verwaltungs GmbH for about €308 million ($396 million) in cash.
Bad Homburg, Germany-based ixetic is a manufacturer of automotive vacuum, engine and transmission pumps for the automobile industry with two manufacturing facilities in Germany, and one each in Bulgaria and China.
The ixetic product range includes hydraulic pumps for steering, chassis and transmission applications, vacuum pumps for brake systems, oil pumps, and innovative thermal management concepts for electric vehicles.
Its customers include car manufacturers such as Audi, BMW, Daimler, Ford, Porsche, Renault, Toyota, Volkswagen and all leading manufacturer of heavy and medium duty trucks such as Daimler, Navistar, Scania and Volvo.
ixetic had 2011 sales of approximately €300 million.
"ixetic's technologies, footprint and diverse customer base make it an excellent fit with our current capabilities in engine and transmission pumps" said Don Walker, CEO of Magna. "Together, our global reach and capabilities position us to support our combined customers and their desire for more efficient powertrain solutions."
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