Magna sells three German auto parts plants to Mutares
Canadian PlasticsAutomotive Canadian Plastics
The plants in Obertshausen, Sulzbach, and Idar-Oberstein make exterior components and employ about 1,700 workers.
Germany-based holding company Mutares SE & Co has signed an agreement to acquire three exteriors plants in Germany from Canadian automotive parts maker Magna International Inc. for an undisclosed amount.
The plants – in the towns of Obertshausen, Sulzbach, and Idar-Oberstein – produce plastic components such as bumper and exterior trim, radiator grilles and other trim components for leading OEMs in the premium segment. The Obertshausen operation has two additional satellite sites at Neckarsulm and Klein-Krotzenburg that are also part of the transaction.
The closing of the transaction and the rebranding of the company are expected in the third quarter of 2021.
The three exteriors plants – which Mutares officials said have “extensive design expertise and include sophisticated in-house engineering – employ around 1,700 employees.
“The acquisition of the three exteriors plants is a great win for us,” Johannes Laumann, CIO of Mutares, said in a statement. “We are confident that the business is well positioned to benefit from several strategic growth initiatives in the future. It will benefit especially from automotive megatrends of fuel efficiency and demand for increasingly lightweight exterior plastics from OEMs. We therefore see great potential for the business as part of our portfolio.”
Magna is headquartered in Aurora, Ont.