01 Oct 2014 | 2859 Views | By Autocar Pro News Desk
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 ...
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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.