Magna acquires Techform Group of Companies
Magna International Inc has announced that one of its subsidiaries has signed an agreement to acquire the Techform Group of Companies, an automotive supplier of hinges, door locking rods and other closure products.
The acquisition combines Techform's product technology and processing expertise with Magna Closures' system integration, global footprint and world class manufacturing capabilities. On completion of the transaction, Magna will acquire Techform's facilities located in Penetanguishene, Ontario; Portland, Tennessee; and Hefei, Anhui China.
"The Techform acquisition complements our product portfolio and further strengthens our global leadership position in the closure systems market," said Frank Seguin, president, Magna Closures and Mirrors. "Techform's product and processing know-how and technology broadens our current capabilities and provides additional growth opportunities for us going forward."
Subject to the completion of certain customary terms and conditions, the transaction is scheduled to close in early October, 2014. Terms of the transaction will not be disclosed.
RELATED ARTICLES
BMW Motorrad develops Automated Shift Assistant to make riding simpler
Automated Shift Assistant’s clever functional design eliminates the need for a hand lever to operate the clutch manually...
Hyundai Mobis starts building EV battery system plant in Spain to supply Volkswagen
The new plant in Spain represents a significant strategic entry into Western Europe and will serve as a dedicated facili...
Infineon launches cutting-edge microcontroller for automotive BMS
With the PSoC 4 HVPA-144K microcontroller, Infineon Technologies aims to address the automotive battery management secto...