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.

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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.