- $399.3 million cash purchase
- “…a significant milestone; strengthens position …”
Magna International Inc.’s Powertrain business acquired Ixetic Verwaltungs GmbH, a manufacturer of automotive vacuum, engine and transmission pumps. The deal closed at a reported $399.3 million, just a bit higher than the $396.5 million reportedwhen the deal was announced October 1.
Ixetic manufactures vacuum and transmission oil pumps, and was formed in 2006 by private investors who acquired the Schaeffler group’s LuK Fahrzeug-Hydraulik and LuK Automobil-Technik businesses. It has a strong market position among Europe’s automakers, and manufacturing and assembly plants in Germany, Bulgaria, and China.
"The Ixetic acquisition is a significant milestone for Magna Powertrain and strengthens our position as a leading manufacturer of vacuum and oil pumps," stated Jake Hirsch, president of Magna Powertrain. "These additional technologies complement our current capabilities in the area of on-demand pumps."
The purchase resumes a series of acquisitions by Magna in the automotive sector since last year, and expands its presence in the European automotive market. In October, Magna CEO Don Waker said "Ixetic's technologies, footprint and diverse customer base make it an excellent fit with our current capabilities in engine and transmission pumps. Together, our global reach and capabilities position us to support our combined customers and their desire for more efficient powertrain solutions."
Magna International is headquartered in Aurora, Ont., and manufactures automotive systems, assemblies, modules and components.