Automotive pump manufacturer improves technology position, global footprint
AURORA, ON, Nov. 30, 2012 /PRNewswire/ - Magna International Inc. announced today that its Magna Powertrain operating unit has completed the transaction to acquire ixetic Verwaltungs GmbH ("ixetic"), a manufacturer of automotive vacuum, engine and transmission pumps.
With the acquisition, Magna Powertrain continues to execute its strategy to solidify and improve its market position in the field of vacuum and transmission oil pumps, and enhances its footprint both in Europe and globally. The purchase price payable for 100% of the outstanding shares of ixetic, on a cash- and debt-free basis, was approximately €308 million.
"The ixetic acquisition is a significant milestone for Magna Powertrain and strengthens our position as a leading manufacturer of vacuum and oil pumps," said Jake Hirsch, President, Magna Powertrain. "These additional technologies complement our current capabilities in the area of on-demand pumps."Headquartered in Bad Homburg, Germany, ixetic recorded 2011 total sales of approximately €300 million. The company holds a strong position with its customer base, particularly European automakers, and has manufacturing and assembly facilities in Germany, Bulgaria and China, as well as representation in Brazil, India, Japan and the United States. About Magna Powertrain Magna Powertrain ( www.magnapowertrain.com), an operating group of Magna International, is a global supplier for the automotive industry with full capabilities in powertrain design, development, testing and manufacturing. Complete system integration sets us apart from our competitors, and our innovations make important contributions to the overall performance of vehicles around the world: they improve fuel economy, make vehicles safer and lighter, ensure a pleasurable driving experience, and provide added value to our customers. In line with increasing environmental pressure, many of Magna Powertrain's innovations focus on electronically controlled technologies, supporting the quest for improved efficiency and reduced emissions. Manufacturing locations, engineering centers, and sales offices are situated close to our global customer base, stretching throughout all regions of the world.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV