Magna Acquires Automotive Mirror Giant Donnolly

    HOUSTON--July 8, 2002--Researched by Industrialinfo.com (Industrial Information Resources Inc.; Houston). Magna International Inc. (Aurora, Ontario) and Donnelly Corporation (Holland, Mich.) have jointly announced a merger in which Donnelly will become a wholly-owned subsidiary of Magna. The transaction is expected to be finalized in late September. The new entity will be known as Magna Donnelly. Dwane Baumgardner, currently Donnelly chairman and CEO, will head up the company. Purchase price was $320 million, plus the assumption of interest-bearing debts amounting to about $95 million.
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