Magna buys Stadco metal-stamping business
Canadian automotive parts supplier Magna International Inc. is acquiring Stadco Automotive Ltd., a U.K.-based company that supplies stamped bodies for auto makers such as Jaguar Land Rover, Ford Motor Co. and General Motors.
The terms of the deal have not been disclosed.
Stadco employs 1,400 people at four plants in the United Kingdom and one in Germany.
In a statement, John Farrell, president of Magna’s Cosma International division, said that Stadco’s expertise complements Magna’s capabilities as a supplier of automotive bodies and chassis.
“In addition, this acquisition expands Cosma’s geographic footprint and strengthens our existing global customer base,” Farrell said in the statement.
The transaction is expected to close in the fourth quarter of 2015.
Aurora, Ont.-based Magna is one of the world’s biggest auto parts suppliers. It employs about 124,000 people and has 287 manufacturing operations as well as 81 other locations in 29 countries.