Magna buys automotive closure maker Techform
Canadian Plastics
Automotive Automotive: DesignA subsidiary of Canada-based automotive parts maker Magna International Inc. has signed an agreement to acquire the Techform Group of Companies, an automotive supplier of hinges, door locking rods and other closure products.
A subsidiary of Canada-based automotive parts maker Magna International Inc. has signed an agreement to acquire the Techform Group of Companies, an automotive supplier of hinges, door locking rods and other closure products.
The terms of the deal have not been disclosed.
On completion of the transaction in early October 2014, Aurora, Ont.-based Magna will acquire Techform’s facilities located in Penetanguishene, Ontario; Portland, Tennessee; and Hefei, Anhui China.
The acquisition is intended to combine Techform’s product technology and processing expertise with Magna Closures’ system integration, Magna said in a statement. “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.”
Magna has 317 manufacturing operations and 83 product development, engineering and sales centres in 29 countries. The company has over 130,000 employees.
