Magna buying automotive electronics engineering business Telemotive AG
In a move to facilitate the growth of connected cars, automotive parts supplier Magna International Inc. is acquiring Germany-based Telemotive AG, an engineering service provider for automotive electronics.
The terms of the deal have not been disclosed. The transaction is expected to close in the second quarter of 2016.
Once complete, Telemotive, with its five German facilities and approximately 550 employees, will be integrated into Magna’s vehicle engineering and contract manufacturing operating unit, Magna Steyr. Magna Steyr is headquartered in Graz, Austria.
“This acquisition strengthens our position to not only help customers meet today’s challenges, but also those of the Car of the Future including the increased integration of electronic vehicle systems,” Magna said in a statement. “In today’s era of digitization, it is critical for suppliers like Magna to have engineering expertise in these core areas.”
Magna is headquartered in Aurora, Ont.