Magna buys auto roof systems business (December 01, 2005)

Magna International Inc., based in Aurora, Ont., announced it will purchase CTS Fahrzueg-Dachsystem GmbH, Bietigheim-Bissingen, the roofing systems division of Dr. Ing h.c. F. Porsche AG for about 170 million euros in cash.
“CTS is one of the technology leaders in roof systems, a product area that we see as having good growth potential. Together with our capabilities, we intend to leverage this technology to grow in roof systems both by broadening the current CTS customer base and by expanding geographically,” said Siegfried Wolf, co-chief executive officer of Magna.
CTS produces soft-tops, hardtops and modular retractable hardtops. In addition to Porsche, CTS’ customers include DaimlerChrysler, Ferrari, Peugeot, and General Motors. In 2004, it reported sales of about 400 million Euros.
CTS has six facilities in Europe, two in North America and employs about 1,100 people.