Copying and distributing are prohibited without permission of the publisher
Email a friend
  • To include more than one recipient, please separate each email address with a semi-colon ';', to a maximum of 5

Magna acquires German pump manufacturer

Keywords: Tags  Magna International, Ixetic Verwaltungs, auto pumps, acquisition, Avtotor Holding, corinna petry

NEW YORK — Automotive supplier Magna International Inc.’s Magna Powertrain unit has acquired Ixetic Verwaltungs GmbH, a German producer of automotive vacuum, engine and transmission pumps, for €308 million ($403 million).

Ixetic, which runs manufacturing and assembly operations in Bulgaria, China and Germany, has a strong market share among European automakers, according to Magna International.

Separately, Aurora, Ontario-based Magna International has signed a cooperation agreement with Russian automaker Avtotor Holding Ltd. to establish an automotive manufacturing cluster near Kaliningrad.

Once complete, the project will combine new vehicle production plants and joint ventures for automotive components production.

Magna will support Avtotor in the conceptual design and technical preparation of the automotive cluster and could serve as a partner in efforts to localize components production in the region.

Have your say
  • All comments are subject to editorial review.
    All fields are compulsory.

Latest Pricing Trends