Acquires assets of bus and light train seating manufacturer
OBERWALTERSDORF, Austria, Jan. 5, 2012 /PRNewswire/ - Magna International Inc. announced today that its Magna Seating operating unit acquired the assets and business of Vogelsitze GmbH in Karlsruhe-Stupferich, Germany. Vogelsitze specializes in the development and production of seats for the bus and light train industries. Sales for 2011 are expected to be approximately €19 million. The acquisition expands Magna Seating's global footprint, strengthens its position in the German market and enhances its product portfolio.
Vogelsitze operates from a leased facility in Karlsruhe-Stupferich, Germany. Current production customers include MAN, Mercedes-Benz, Volvo, Bombardier, VDL and GAZ. In addition, Vogelsitze has licensed a number of its patents to other bus seat manufacturers worldwide.
"This acquisition provides us an opportunity to grow our business in the public/commercial transportation area," said Mike Bisson, President of Magna Seating. "Our world-class manufacturing expertise combined with an expanded footprint in Germany provides us with the ability to immediately support customers in this market."No additional details regarding the transaction are being disclosed. About Magna Seating Magna Seating ( www.magnaseating.com), an operating group of Magna International Inc., is an innovative leader in the development and manufacture of high-quality complete seating systems, seat structure and mechanism solutions, and foam & trim products for the global automotive industry. Our capabilities range from consumer and market research, full concept development, design and engineering, and testing and validation to world-class manufacturing of seating components and complete seat assemblies. About Magna International Magna is the most diversified global automotive supplier. Magna designs, develops and manufactures technologically advanced automotive systems, assemblies, modules and components, and engineers and assembles complete vehicles, primarily for sale to original equipment manufacturers ("OEMs") of cars and light trucks. Magna's capabilities include the design, engineering, testing and manufacture of automotive interior systems; seating systems; closure systems; body and chassis systems; vision systems; electronic systems; exterior systems; powertrain systems; roof systems; hybrid and electric vehicles/systems; as well as complete vehicle engineering and assembly. Magna has approximately 107,000 employees in 275 manufacturing operations and 85 product development, engineering and sales centres in 26 countries. More information on Magna can be found at www.magna.com. THIS RELEASE MAY CONTAIN STATEMENTS WHICH CONSTITUTE "FORWARD-LOOKING STATEMENTS" UNDER APPLICABLE SECURITIES LEGISLATION AND ARE SUBJECT TO, AND EXPRESSLY QUALIFIED BY, THE CAUTIONARY DISCLAIMERS THAT ARE SET OUT IN MAGNA'S REGULATORY FILINGS. PLEASE REFER TO MAGNA'S MOST CURRENT MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL POSITION, ANNUAL INFORMATION FORM AND ANNUAL REPORT ON FORM 40-F, AS REPLACED OR UPDATED BY ANY OF MAGNA'S SUBSEQUENT REGULATORY FILINGS, WHICH SET OUT THE CAUTIONARY DISCLAIMERS, INCLUDING THE RISK FACTORS THAT COULD CAUSE ACTUAL EVENTS TO DIFFER MATERIALLY FROM THOSE INDICATED BY SUCH FORWARD-LOOKING STATEMENTS. THESE DOCUMENTS ARE AVAILABLE FOR REVIEW ON MAGNA'S WEBSITE AT WWW.MAGNA.COM . SOURCE Magna International Inc.
Check Out Our Best Services for Investors
Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
Check Out Our Best Services for Investors
Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
Every recommendation goes through 3 layers of intense scrutinyquantitative, fundamental and technical analysisto maximize profit potential and minimize risk.
Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.