Magna completes acquisition of Veoneer Active Safety business
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First announced in December 2022, the deal is projected to generate more than $3 billion in sales next year.
Automotive parts supplier Magna International Inc. has completed its acquisition of Veoneer Active Safety from SSW Partners.
The deal, first announced in December 2022, “positions [us] as one of a few suppliers equipped to tackle the increasing complexity coming from advanced software, system and integration challenges by delivering a complete set of offerings to customers,” Magna officials said in a June 1 news release.
Projected to generate more than $3 billion in sales in 2024, the release says that the combined business “builds a more comprehensive active safety portfolio” across all relevant sensors, central computer systems, and software solutions for Aurora, Ont.-based Magna in one of the fastest growing market segments in automotive.
“Adding experienced talent and complementary capabilities to our strong foundation in active safety is core to our strategy of bringing more horsepower to this growing market,” said Magna CEO Swamy Kotagiri. “This strategic move enables us to provide even more options and advanced solutions to a broader range of customers. We look forward to the opportunities ahead as we continue to innovate and advance mobility for everyone and everything.”
Magna’s electronics team, now with more than 7,200 employees, including 3,500 in engineering, can better accelerate the development of premium features and functions at scale, the release said, and Magna will also benefit from an expanded geographic footprint and customer reach in key automotive regions around the world with nine facilities and 30 engineering/sales locations dedicated to active safety.