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