Magna Finalizes Ixetic Acquisition
Automotive pump manufacturer improves technology position, global footprint
AURORA, ON--Nov. 30, 2012: Magna International Inc. announced today that its Magna Powertrain operating unit has completed the transaction to acquire ixetic Verwaltungs GmbH ("ixetic"), a manufacturer of automotive vacuum, engine and transmission pumps.
With the acquisition, Magna Powertrain continues to execute its strategy to solidify and improve its market position in the field of vacuum and transmission oil pumps, and enhances its footprint both in Europe and globally. The purchase price payable for 100% of the outstanding shares of ixetic, on a cash- and debt-free basis, was approximately 308 million.
"The ixetic acquisition is a significant milestone for Magna Powertrain and strengthens our position as a leading manufacturer of vacuum and oil pumps," said Jake Hirsch, President, Magna Powertrain. "These additional technologies complement our current capabilities in the area of on-demand pumps."
Headquartered in Bad Homburg, Germany, ixetic recorded 2011 total sales of approximately 300 million. The company holds a strong position with its customer base, particularly European automakers, and has manufacturing and assembly facilities in Germany, Bulgaria and China, as well as representation in Brazil, India, Japan and the United States.