Magna subsidiary acquires Brazilian auto frame maker
Magna’s subsidiary Cosma Int. has acquired ThyssenKrupp Automotive Systems, its four plants and 770 employees
AURORA, Ont.—Magna International Inc. says its Cosma Int. division has acquired a Brazilian vehicle framework manufacturer that supplies several of the world’s largest automakers.
Tha Aurora, Ont.-based autoparts giant says Cosma has closed a deal with ThyssenKrupp Automotive Systems to take over its Brazilian operations, consisting of four plants and about 770 employees.
The price of the deal has yet to be disclosed, but Magna said ThyssenKrupp had sales of approximately US$250 million in fiscal 2011, ending September 30.
ThyssenKrupp Automotive Systems Industrial do Brasil Ltda. produces and assembles chassis components and modules for several Brazilian automotive customers.
Current production customers include Ford, Fiat, Renault-Nissan, and Honda.
Magna already has nine manufacturing plants and two research and development projects in South America, employing about 3,650 people.
Cosma International manufactures metal body systems, components, assemblies and modules including complete vehicle frames and chassis systems.
It has 47 manufacturing facilities and 25 product development and engineering centres worldwide.