Magna announces closing of GETRAG acquisition
January 5, 2016
Canada’s Magna International Inc has announced that it has completed its acquisition of the GETRAG Group of Companies, one of the world’s leading independent suppliers of automotive transmissions.
GETRAG’s established product line complements Magna Powertrain’s expertise in engineering and manufacturing and provides new opportunities for growth, the company stated. In particular, GETRAG is a leader in the market for dual-clutch transmissions, a segment which is expected to experience high growth globally over the next decade.
“Expanding our business to provide complete powertrain solutions has been a strategic priority for us,” stated Jake Hirsch, Magna Powertrain President. “We believe that GETRAG is an excellent fit in terms of product, technology, footprint, customers and people and look forward to working together to continue building on their history of innovation.”
GETRAG brings an 80-year history in transmissions and technology leadership, offering a range of transmission systems including manual, automated-manual, dual-clutch, hybrid and other advanced systems. Beyond enhancing Magna’s powertrain systems capabilities the combined product portfolio will enhance vertical integration opportunities.
“We welcome GETRAG and its approximately 14,000 dedicated employees to the Magna family of companies,” stated Magna CEO Don Walker. “With the completion of this acquisition, we continue to demonstrate our focus on a refined portfolio of strategic automotive product lines.”
“Under Magna’s ownership, GETRAG is well positioned to become even stronger,” added GETRAG CEO Mihir Kotecha. “I expect that the combined businesses will be even better positioned to realise opportunities being created in the powertrain segment by the need for improved fuel efficiency and reduced carbon emissions.”