Magna to buy German automotive pump maker for $480M
Also buys out joint venture partner to acquire STT Technologies in Concord.
AURORA, Ont. — Magna International Inc. will add to its strength in automotive pumps with two transactions, one in Europe and one in Canada.
The global automotive supplier signed an agreement to acquire ixetic Verwaltungs GmbH, a German manufacturer of automotive vacuum, engine and transmission pumps, for $480 million.
The company, with two manufacturing facilities in Germany, and one in each of Bulgaria and China, had 2011 sales of approximately $380 million.
The transaction is to close in the fourth quarter of 2012, subject to European anti-trust approval.
Magna, through wholly owned subsidiary Magna Powertrain Inc., is also buying the 50% interest in STT Technologies Inc. owned by its joint venture partner SHW Automotive GmbH.
STT Technologies, based in Concord, Ont., is a supplier to the North American market of transmission and engine related oil pumps.
Financial details were not released.
Automotive supplier Magna International is based in Aurora, Ont. and employs 115,000 people in 296 plants and 88 product development, engineering and sales centres in 26 countries.