Global automotive supplier Magna International has acquired Germany-based ixetic Verwaltungs for€308m.
With the acquisition of the automotive vacuum,engine and transmission pumps manufacturer,the company is expected to strengthen and enhance its market position in the field of vacuum and transmission oil pumps.
Magna Powertrain president Jake Hirsch said:"These additional technologies complement our current capabilities in the area of on-demand pumps."
Headquartered in Bad Homburg,Germany,ixetic has manufacturing and assembly plants in Germany,Bulgaria and China,and has reported sales of€300m in 2011.
Magna produces and supplies automotive parts like body,chassis,interiors,exteriors,seating,powertrain,electronics,mirrors,closures,roof systems and modules.
Earlier in August 2012,the company had reported sales of$7.7bn for the second quarter ended 30 June 2012,an increase of 5%,compared to$7.3bn for the same period in 2011.
For the second quarter of 2012,the company's net income totaled$349m,or$1.48 diluted earnings per share,compared to$282m,or$1.15 diluted earnings per share,for the same period prior year.
