Business
Magna acquires Techform Group of Companies
Enhances portfolio with hinge and wire forming technologies AURORA, ON , Sept. 30, ...
About this update from Magna International Inc.
[{"type":"text","content":"\n\n\nEnhances portfolio with hinge and wire forming technologies\n\n\nAURORA, ON, Sept. 30, 2014 /CNW/ - Magna International Inc. announced today that one of its subsidiaries\n has signed an agreement to acquire the Techform Group of Companies, an\n automotive supplier of hinges, door locking rods and other closure\n products.  The acquisition combines Techform's product technology and\n processing expertise with Magna Closures' system integration, global\n footprint and world class manufacturing capabilities.\n\n\nOn completion of the transaction, Magna will acquire Techform's\n facilities located in Penetanguishene, Ontario; Portland, Tennessee;\n and Hefei, Anhui China.\n\n\n\"The Techform acquisition complements our product portfolio and further\n strengthens our global leadership position in the closure systems\n market,\" said Frank Seguin, President, Magna Closures and Mirrors. \n \"Techform's product and processing know-how and technology broadens our\n current capabilities and provides additional growth opportunities for\n us going forward.\"\n\n\nSubject to the completion of certain customary terms and conditions, the\n transaction is scheduled to close in early October, 2014.  Terms of the\n transaction will not be disclosed.\n\n\nAbout Magna International \nWe are a leading global automotive supplier with 317 manufacturing\n operations and 83 product development, engineering and sales centres in\n 29 countries. We have over 130,000 employees focused on delivering\n superior value to our customers through innovative products and\n processes, and World Class Manufacturing. Our product capabilities\n include producing body, chassis, interior, exterior, seating,\n powertrain, electronic, vision, closure and roof systems and modules,\n as well as complete vehicle engineering and contract manufacturing. Our\n common shares trade on the Toronto Stock Exchange (MG) and the New York\n Stock Exchange (MGA). For further information about Magna, visit our\n website at www.magna.com.\n\n\n# # #\n\n\nTHIS RELEASE MAY CONTAIN STATEMENTS WHICH CONSTITUTE \"FORWARD-LOOKING\n STATEMENTS\" UNDER APPLICABLE SECURITIES LEGISLATION AND ARE SUBJECT TO,\n AND EXPRESSLY QUALIFIED BY, THE CAUTIONARY DISCLAIMERS THAT ARE SET OUT\n IN MAGNA'S REGULATORY FILINGS.  PLEASE REFER TO MAGNA'S MOST CURRENT\n MANAGEMENT'S DISCUSSIO...