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Magna Signs Agreement to Acquire Automotive Electronics Engineering Business
Magna Signs Agreement to Acquire Automotive Electronics Engineering Business Magna...
About this update from Magna International Inc.
[{"type":"text","content":"\n\n\n\nMagna Signs Agreement to Acquire Automotive Electronics Engineering Business\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nMagna Signs Agreement to Acquire Automotive Electronics Engineering Business\nCanada NewsWire\nVIENNA, Austria, April 25, 2016\n\n\n\nVIENNA, Austria, April 25, 2016 /CNW/ - Magna International Inc. announced today that it has signed a purchase agreement to acquire Telemotive AG, a leading engineering service provider in the field of automotive electronics. Subject to regulatory approval, the transaction is expected to close in the second quarter of 2016.\n\nOnce complete, Telemotive, with its five German facilities and approximately 550 employees, will be integrated into Magna's vehicle engineering and contract manufacturing operating unit, Magna Steyr. The addition of Telemotive expands Steyr's engineering service product portfolio in vehicle connectivity, Human Machine Interface (HMI) and infotainment. \n\n\"This acquisition strengthens our position to not only help customers meet today's challenges, but also those of the Car of the Future including the increased integration of electronic vehicle systems,\" says Karl-Friedrich Stracke, President Magna Steyr Contract Manufacturing and Engineering. \"We are excited to combine our holistic vehicle engineering knowledge with Telemotive's electronics know-how.\"\n\nGünther Apfalter, President Magna Europe & Magna Steyr: \"In today's era of digitization, it is critical for suppliers like Magna to have engineering expertise in these core areas.  As the car evolves from primarily mechanical to more electronic systems, we are in a unique position, with deep systems knowledge and full vehicle electronics expertise to continue to deliver innovative solutions to the market.\"\n\nMagna, through its Magna Steyr operating unit, is the world's leading, brand-independent vehicle manufacturing partner for automobile makers. \n\nAbout Magna International \n\nWe are a leading global automotive supplier with 305 manufacturing operations and 93 product development, engineering and sales centres ...