The acaquisition will broaden Magna's ADAS sensor and full systems capabilities, including radar, camera, ADAS ECU and driver monitoring.
20 Dec 2022 | 3295 Views | By Autocar Professional Bureau
Magna International has announced that it has entered into an agreement to acquire the Veoneer Active Safety business from SSW Partners for $1.525 billion (Rs 12,370 crore). The combined business is projected to generate approximately $3 billion in sales in 2024, positioning Magna's ADAS business as a global leader.
This is an Autocar Pro Plus article. Subscribe to continue reading.
Magna International has announced that it has entered into an agreement to acquire the Veoneer Active Safety business from SSW Partners for $1.525 billion (Rs 12,370 crore). The combined business is projected to generate approximately $3 billion in sales in 2024, positioning Magna's ADAS business as a global leader.
The acquisition builds on Magna's Advanced Driver Assistance Systems (ADAS) strengths and positions the combined business with extensive products and capabilities to provide customers with a full suite of ADAS solutions. While it broadens Magna's ADAS sensor and full systems capabilities, including radar, camera, ADAS ECU and driver monitoring, it also adds significant engineering resources and expands Magna's ADAS customer base and geographic diversification. Magna will get an additional 2,200 engineers, including 1,800 for systems, software and sensor development
''This acquisition is consistent with our Go-Forward strategy to accelerate investment in high-growth areas, strengthens our ability to deliver systems solutions to meet customer needs, and positions Magna as a leading full-service ADAS provider,'' said Magna CEO Swamy Kotagiri. ''We plan to accelerate innovation by building on both organizations' strengths, including customers, suppliers, technology partners and employees. I am excited to welcome Veoneer Active Safety’s talented employees into our global Magna family.''
ALSO READ: Veoneer wins active safety system business from Asian EV OEM
Veoneer to supply BMW Group with cameras enabling automated driving