Magna buys Penetanguishene, Ont.-based auto parts maker
by The Canadian Press
Techform, which makes hinges, door-locking rods and other auto parts, will join Magna's closures division
AURORA, Ont.—Magna International Inc. has signed a deal to buy auto parts maker the Techform Group of Companies.
Terms of the deal were not released.
Techform has factories in Penetanguishene, Ont., Portland, Tenn., and China.
The company makes hinges, door-locking rods and other auto parts.
“The Techform acquisition complements our product portfolio and further strengthens our global leadership position in the closure systems market,” Magna Closures and Mirrors president Frank Seguin said in a statement.
“Techform’s product and processing know-how and technology broadens our current capabilities and provides additional growth opportunities for us going forward.”
The deal is subject to customary terms and conditions and is expected to close next month.
Magna is one of the world’s largest auto parts makers with more than 300 factories around the world.
