Marcus De Guzman / Getrag, Magna International | July 20, 2015 11:54
Global auto parts supplier Magna International acquires Getrag
Automotive transmission company Getrag will soon be fully owned by Canadian auto parts supplier Magna International who recently acquired the German gearbox maker for approximately $1.89 billion.
"As part of our ongoing product portfolio review, we have identified the expansion of our powertrain business as a strategic priority. Getrag is an excellent fit with this strategy. 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,” said Don Walker, CEO of Magna International.
Known the world over as one of the largest manufacturers of manual, automated-manual and dual-clutch transmissions, Magna International's acquirement of Getrag will prove to be one of the largest and profitable buy-outs in automotive history. Just last year, Getrag's consolidated sales figure reached approximately $1.84 billion. In addition, Getrag also raked in roughly $1.73 billion on their non-consolidated joint-ventures.
In itself, Getrag has joint-venture relationships with Ford, Jiangling and Dongfeng. On the other hand current brands being supplied with Getrag transmissions include BMW, Daimler, Renault, Volvo and Great Wall.
Today, Getrag is a leader in the growing market for dual-clutch transmissions (DCTs) which the company expects to be the highest growing segment for the next 10 years.
The $1.89 billion deal is expected to be finalized before the end of 2015.