Company will add nearly 14,000 employees, boost presence in fast-growing powertrain market
AURORA, Ont.—The Magna International Inc. family of companies just got significantly larger.
Canada’s largest auto parts supplier 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,” Magna’s CEO, Don Walker, said.
Getrag, which is based in Untergruppenbach, Germany, is one of the largest suppliers of automotive transmissions in the world. Magna said the 80-year-old company’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.”
The deal’s closing follows the European Commission’s approval of the acquisition last month.