Cosma International, an operating unit of Magna International Inc., announced today that it has signed an agreement with the shareholders of the BDW technologies group (www.bdw-technologies.com), pursuant to which Cosma will acquire BDW's four operations. BDW is an industry leader in vacuum high-pressure aluminum die casting and expects full-year 2011 total sales of approximately €160 million.
On completion of the transaction, Cosma will acquire two operations in Germany, one in Poland and one in Hungary. BDW's current production customers include Volkswagen, Audi, Porsche, Mercedes-Benz, Ferrari, ZF and others.
This acquisition expands and complements Cosma's ability to deliver lightweight solutions for complex body-in-white structural and chassis components in steel, aluminum or aluminum-steel hybrid to customers around the world. The combination of Cosma's proven record for body structure and chassis engineering with thin-wall aluminum casting capabilities further enhances its position in the industry.
"The technologies gained from BDW will complement the low-pressure casting capabilities we recently acquired from Grenville Castings in Ontario, Canada," said Horst Prelog, President of Cosma International. "While Cosma has always maintained broad product and process metal forming capabilities, the integration of BDW makes Cosma the right choice for OEM's collaborative, lightweight vehicle solutions."
Closing of the transaction is expected to occur in the first quarter of 2012, subject to obtaining all necessary regulatory approvals including anti-trust approvals.
About Cosma International
Cosma International an operating unit of Magna International Inc., manufactures a comprehensive range of metal body systems, components, assemblies and modules including complete vehicle frames, chassis systems and body-in-white systems using a variety of innovative processes such as hydroforming, stamping and roll forming. Cosma has 47 manufacturing facilities and 25 product development and engineering centers worldwide.
About Magna International
Magna is the most diversified global automotive supplier. Magna designs, develops and manufactures technologically advanced automotive systems, assemblies, modules and components, and engineers and assembles complete vehicles, primarily for sale to original equipment manufacturers ("OEMs") of cars and light trucks. Magna's capabilities include the design, engineering, testing and manufacture of automotive interior systems; seating systems; closure systems; body and chassis systems; vision systems; electronic systems; exterior systems; powertrain systems; roof systems; hybrid and electric vehicles/systems; as well as complete vehicle engineering and assembly.
Magna has approximately 107,000 employees in 275 manufacturing operations and 85 product development, engineering and sales centres in 26 countries. More information on Magna can be found at www.magna.com.
This release may contain statements which constitute "forward-looking statements" under applicable securities legislation and are subject to, and expressly qualified by, the cautionary disclaimers that are set out in Magna's regulatory filings. Please refer to Magna's most current Management's Discussion and Analysis of Results of Operations and Financial Position, annual information form and annual report on form 40-F, as replaced or updated by any of Magna's subsequent regulatory filings, which set out the cautionary disclaimers, including the risk factors that could cause actual events to differ materially from those indicated by such forward-looking statements.