Magna International to strengthen advanced driver assistance systems (ADAS) announced to acquire Veoneer for $3.3 billion. Veoneer, is a leader in automotive safety technology. Magna also plans to acquire Veoneer’s leading global position in restraint control systems
- The acquisition also expands Magna’s ADAS business with major customers and provides access to new customers and regions, including in Asia.
- Magna expects to operate Veoneer’s ArriverTM sensor perception and drive policy software platform as an independent business unit, consistent with Veoneer’s current practice.
- Veoneer will be combined with Magna’s existing ADAS business and integrated into Magna’s electronics operating unit.
The prominent deals and expansions by Magna are mentioned below:
Aug 2020: The global auto component supplier Magna announced to expand its powertrain business with a new facility in Kechnec, Slovakia. The new 7,675-square-meter facility will be the first powertrain metal forming solutions plant for the company in Europe.
November 2019: Magna had agreed to acquire Wipac Czech s.r.o., a premium automotive lighting engineering firm located in Ostrava, Czech Republic. The transaction expands Magnas engineering capabilities globally. Wipac Czech s.r.o.s engineering team designs and develops automotive forward lighting, primarily for European exotic and luxury brands
October 2019: Magna had been awarded a grant by the U.S. Department of Energy (U.S. DOE) to develop and auto-qualify advanced electric motor technologies for next-generation vehicle propulsion systems. In partnership with the Illinois Institute of Technology and University of Wisconsin-Madison, Magna applied its powertrain, electronics and full-vehicle expertise to deliver an automotive-grade, high-performance electric motor that aims to achieve increased power density and reduced cost compared to current e-motors.
August 2019: Magna celebrated the opening of a new electronics manufacturing facility in Grand Blanc Township, Michigan. The facility consolidates three nearby locations into a single state-of-the-art facility that combines 21st-century manufacturing with people-first workplace design and functionality.
About Magna International
Magna International is a Canadian automotive supplier headquartered in Aurora, Ontario. It is a leading global supplier with 347 manufacturing facilities and 89 product development, engineering and sales centres in 28 countries. Magna International is one of the largest automobile parts manufacturer in North America by sales of original equipment parts and one of Canada’s largest companies. The company has more than 168,000 entrepreneurial-minded employees across the world.