Global automotive component and systems supplier, Magna International Inc., has announced that its Cosma International operating unit has reached agreement with ThyssenKrupp Automotive Systems GmbH to purchase ThyssenKrupp Automotive Systems Industrial do Brasil Ltda. (TKASB).
TKASB produces and assembles chassis structural components and modules in its four South American manufacturing plants, and had sales of approximately $250 million USD for its fiscal year ended September 30, 2011.
Cosma has acquired TKASB and all of its operations, which consist of the four manufacturing facilities located in Sao Bernardo do Campo, Ibirité, Camacari and São José dos Pinhais. TKASB employs approximately 770 employees at the four plants. Current production customers include Ford, Fiat, Renault-Nissan, Honda and PSA.
“The acquisition represents a significant commitment to the South American automotive market and our global OEM customers,” stated Horst Prelog, president of Cosma International. “Our world-class manufacturing expertise combined with an expanded footprint in South America, provides us with the ability to immediately support the local and global platforms of our OEM customers,” he added.
These four new facilities add to Magna’s current footprint in South America, which includes nine manufacturing facilities, two R&D facilities and approximately 3,650 employees.
Edited by: Paul Whittaker, Editor ipmd.net, [email protected]