Magna International Inc. announced that it has signed a purchase agreement to acquire the BÖCO Group of Companies, an automotive supplier of latches, hinges and strikers, to help bolster its product portfolio and engineering capabilities in key regions. Subject to regulatory approval, the transaction is expected to close in the third quarter of 2016.
Once complete, BÖCO's two facilities located in Wuppertal, Germany, and Tianjin, China, and its approximately 450 employees will be integrated into Magna Closures, an operating unit of Magna. BÖCO has annual sales of more than 100 million Euro and its customers include the BMW Group, Daimler and Audi. The addition of BÖCO complements Magna's product portfolio, enhances its engineering capabilities and strengthens its leadership position in the global closure systems market.
"We believe BÖCO is an excellent fit in terms of technology, footprint and customers, and we look forward to working together to further grow our business," said John O'Hara, President, Magna Closures. "BÖCO's product and processing know-how and engineering strength also provides additional global growth opportunities for us going forward, particularly with automakers based in Germany."
We are a leading global automotive supplier with 309 manufacturing operations and 99 product development, engineering and sales centres in 29 countries. We have over 152,000 employees focused on delivering superior value to our customers through innovative products and processes, and World Class Manufacturing. We have complete vehicle engineering and contract manufacturing expertise, as well as product capabilities which include body, chassis, exterior, seating, powertrain, electronic, active driver assistance, vision, closure and roof systems. Our common shares trade on the Toronto Stock Exchange (MG) and the New York Stock Exchange (MGA). For further information about Magna, visit www.magna.com.