Magna completes Getrag acquisition
Purchase will add nearly 14,000 employees and boost Magna’s presence in the powertrain market.
Canadian auto parts supplier Magna International Inc. has completed its $2.5 billion acquisition of the Getrag Group of Companies, adding nearly 14,000 employees and significantly boosting its global footprint.
“With the completion of this acquisition, we continue to demonstrate our focus on a refined portfolio of strategic automotive product lines,” said Magna CEO Don Walker in a statement.
Germany-based Getrag is one of the largest suppliers of automotive transmissions in the world. According to Magna, which is headquartered in Aurora, Ont., Getrag’s product line complements its own and will provide opportunities for growth, particularly in the market for dual-clutch transmissions.
“Expanding our business to provide complete powertrain solutions has been a strategic priority for us,” Jake Hirsch, president of Magna Powertrain said. “We believe that Getrag is an excellent fit in terms of product, technology, footprint, customers and people and look forward to working together to continue building on their history of innovation.”
Magna’s purchase of Getrag was first announced in July 2015.