Magna buys Russian plastic parts supplier
Aurora, Ont.-based auto parts maker Magna International Inc. has announced that it is acquiring Technoplast, a manu...
August 4, 2008 by Canadian Plastics
Aurora, Ont.-based auto parts maker Magna International Inc. has announced that it is acquiring Technoplast, a manufacturer of plastic exterior and interior components located in Nizhny Novgorod, Russia.
Technoplast currently supplies components for several programs for GAZ Group, including the new Volga Siber program. GAZ is the largest Russian producer of commercial vehicles, and is a subsidiary of Russian Machines.
According to Magna, Technoplast is centrally located near two of Russia’s three main automotive producing regions. Also, the acquisition allows Magna to expand its venture with OAO GAZ.
“This acquisition expands our capability in the rapidly growing Russian market, positioning us to grow with both the Russian and International OEMs in the region,” said Magna’s Co-CEO Siegfried Wolf.
The terms of the sale were not disclosed. Technoplast had annual sales of approximately 29 million Euro in 2007.
Receive the latest news about the Canadian plastics industry in your inbox every Tuesday! Sign up for Canadian Plastics‘ free weekly newsletter.