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Subject

Tracy Fuerst :
MAGNA ACQUIRES PORSCHE’S NORTH AMERICAN ENGINEERING SERVICES UNIT


Article:

Tracy Fuerst :
Magna International Inc. and Dr. Ing. h.c. F. Porsche AG, Stuttgart, have signed an agreement pursuant to which Magna will acquire Porsche’s North American engineering services unit, Porsche Engineering Services, Inc. (PES). PES, based in Troy, MI, employs 120 personnel working primarily on OEM programs for the North American market.
On completion of the transaction, PES will be integrated into Magna Steyr North America, which includes the Engineering Centre Detroit and the recently announced operations responsibility for the Toledo Paint Facility. Magna Steyr North America consists of approximately 300 personnel in three facilities located in Rochester Hills, Michigan and Toledo, Ohio.

Porsche is now separating itself from PES Troy, as all development activities for external customers are to be centered in Weissach, Germany.

Siegfried Wolf, co-Chief Executive Officer of Magna, stated: "The acquisition of PES enhances our engineering activities in the North American market in a targeted and strategic way. By adding the extensive capabilities of PES, particularly in body development, we can offer our OEM customers a wider and deeper range of engineering services."

Wolfgang Dürheimer, Member of the Executive Board of Porsche AG with responsibility for Research and Development: "In the future, we will center all development activities for external customers in our development center in Weissach for efficiency reasons. We are thus delighted to have found a respected group like Magna Steyr North America to be the future owner of PES, and are confident that it will provide PES’ employees with good prospects for the future."

Closing of the transaction is expected to be completed in mid-September, subject to satisfaction of customary closing conditions.


























































































































































































































































































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