Magna International agrees to buy transmission maker Getrag - Autoblog (blog)
(TSX: MG, NYSE: MGA) today announced that it has signed an agreement to acquire the Getrag Group of Companies ("Getrag"), one of the world's largest suppliers of automotive transmissions. Getrag has an 80-year history in transmissions and is a technology leader, offering a range of transmission systems which include manual, automated-manual, dual-clutch, hybrid and other advanced systems. We believe the architecture of Getrag's product line is well-positioned to support current and future automotive powertrain configurations. In particular, Getrag is a leader in the growing market for dual-clutch transmissions ("DCTs"), which is expected to be one of the highest growth segments globally over the next decade. In addition to its wholly-owned operations, Getrag has significant joint-venture relationships with Ford, as well as Chinese auto makers Jiangling and Dongfeng. Getrag's 2014 consolidated sales were approximately €1. 7 billion, which excludes approximately €1. 6 billion in sales generated in its non-consolidated joint-ventures. Getrag is a technology leader in a product area that we believe is well-positioned to benefit from industry trends that are driving increased vehicle fuel-efficiency and reduced emissions. Source: www.autoblog.com
