AUTO INDUSTRY NEWS

Magna International finalizes purchase of Getrag

Magna International finalizes purchase of Getrag image

Text: Marcus De Guzman / Photos: Getrag, Magna International | posted January 08, 2016 13:15

Getrag is now officially owned by global auto parts supplier Magna International

Renowned gearbox maker, Getrag, is now fully owned by Magna International after the Canadian auto parts supplier completed the purchase deal last January 4.

With it, Magna International stated that the procurement of Getrag will compliment Magna Powertrain's expertise in providing quality automotive parts as well as other opportunities for growth. In addition, the rise of dual-clutch transmissions in new cars will be something to look out for in the next decade which will benefit both companies.

“Expanding our business to provide complete powertrain solutions has been a strategic priority for us. We believe that Getrag is an excellent fit in terms of product, technology, footprint, customers and people and look forward to working together to continue building on their history of innovation,” said Jake Hirsch, Magna Powertrain President.

Magna International CEO, Don Walker, welcomes the 14,000 employees of Getrag.

“With the completion of this acquisition, we continue to demonstrate our focus on a refined portfolio of strategic automotive product lines,” said Walker.

Meanwhile, Getrag CEO, Mihir Kotecha, expects the company to grow bigger under Magna's ownership. In addition, the new deal may give Getrag a better position in making powertrains that are more fuel efficient and have reduced carbon emissions.

In review, Getrag is one of the most reputable brands that produces a wide array of transmissions; from manual, automated-manual, dual-clutch, hybrid and others. It has been in business for over 80 years and is used by several companies like Ford of Europe, BMW & Mini (manual models), Daimler AG, Mitsubishi, Ferrari and Volvo as such.

Back in July 2015, Magna International first announced their acquisition of the Getrag Group of Companies for $1.89 billion.