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Auto parts giant to buy Getrag Group

2015-07-17 08:45

NEW OWNER: Getrag Group, automotive transmission supplier for auto manufacturers such as Ford, BMW and Daimler, has been sold to Magna International. Image: Getrag Group

AURORA, Ontario — Auto parts maker Magna International will pay the equivalent of about R23.9-billion to buy the Getrag Group, a German supplier of automotive transmissions for car manufacturers such as Ford, BMW, Daimler and others.

Ontario-based Magna said on Thursday (July 16) that Getrag was a leader in high-growth segments of the transmission industry and had significant joint-venture relationships with Ford and two Chinese automakers.

LIABILITIES ASSUMED

Getrag has about 13 500 employees and operations in nine countries in Europe, Asia and North America.

Magna said is expected the deal to close near the end of 2015, subject to necessary approvals. The offer values Getrag at about R33-billion after accounting for debt and pension liabilities that Magna will assume.

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