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2005-12-01 News Headlines
Automotive supplier
Magna to purchase roof systems business
from Porsche
Magna International to acquire CTS, a leading manufacturer of roof systems
for the automotive industry, from Porsche AG.
Magna International Inc., NYSE: (MGA), announced today that it has signed
an agreement with Dr. Ing. h.c. F. Porsche AG pursuant to which Magna
will acquire CTS
Fahrzeug-Dachsysteme GmbH ,
Bietigheim-Bissingen ("CTS"), based in Germany. CTS is one of the world's
leading manufacturers of roof systems for the automotive industry.
The purchase price is approximately euro 170 million and will be satisfied
in cash. Closing of the transaction is subject to obtaining all necessary
regulatory approvals.
Siegfried Wolf, co-Chief Executive Officer of Magna, stated: "CTS is one
of the technology leaders in roof systems, a product area that we see
as having good growth potential. Together with our current capabilities,
we intend to leverage this technology to grow in roof systems both by
broadening the current CTS customer base and by expanding geographically."
Dr. Wendelin Wiedeking, Porsche
AG
CEO, stated: "Both partners will benefit from this decision. Porsche can
concentrate fully on its core competencies such as development, production
and sales of complete vehicles, while with Magna, CTS now has a partner
which allows potential for new growth. As roof systems are particularly
important for us, the owner change ensures that Porsche will continue
to be able to obtain the relevant top-quality systems."
CTS produces softtops, hardtops and modular retractable hardtops. In
addition to Porsche, its customers include DaimlerChrysler,
Ferrari,
Peugeot
and General
Motors.
In 2004, CTS reported sales of approximately euro 400 million. CTS has
six facilities in Europe and two facilities in North America, with approximately
1,100 employees.
Magna
International,
the most diversified automotive supplier in the world, designs, develops
and manufactures automotive systems, assemblies, modules and components,
and engineers and assembles complete vehicles, primarily for sale to original
equipment manufacturers of cars and light trucks in North America, Europe,
Asia and South America. Our capabilities include the design, engineering,
testing and manufacture of automotive interior and closure systems; metal
body and structural systems; exterior and interior mirror and engineered
glass systems; exterior systems, including front and rear end modules,
plastic body panels, exterior trim and other systems; various powertrain
and drivetrain systems; as well as complete vehicle engineering and assembly.
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