DAILY NEWS Dec 1, 2012 12:59 PM - 0 comments

Magna buys German pump maker for $397 million

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2012-12-01

Magna International Inc. operating unit Magna Powertrain has acquired automotive vacuum, engine and transmission pump maker ixetic Verwaltungs GmbH (ixetic) for €308 million (CAN$397.8 million).

Headquartered in Bad Homburg, Germany, ixetic recorded 2011 total sales of approximately €300 million (CAN$ 387.5 million).

The company focuses on European automakers, and has manufacturing and assembly facilities in Germany, Bulgaria and China.

“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 of Magna Powertrain. “These additional technologies complement our current capabilities in the area of on-demand pumps.”

Magna Powertrain, an operating group of Aurora, Ont.-based auto parts giant Magna International, supplies powertrain design, development, testing and manufacturing services to the global automotive industry.

Magna International is an automotive supplier with 305 manufacturing operations and 88 product development, engineering and sales centres in 27 countries with 117,000 employees.

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