Magna International announced that it has completed the world's leading supplier of automotive transmission - (of Companies, referred to as "Getrag" GETRAG Group) acquisition of Getrag Group.
Magna completes acquisition of Getrag
Compraq's comprehensive product portfolio complements Magna Powertrain's engineering capabilities and manufacturing expertise, bringing new growth opportunities. In particular, it is worth mentioning that GETRAK has always been the market leader in dual-clutch gearboxes, and the global dual-clutch gearbox market is expected to achieve rapid growth in the next decade.
He Shijie, president of Magna Powertrain, said: “To expand our business and provide a comprehensive powertrain solution is our strategic priority. We are convinced that GETRAK's original products, technologies, distribution, customers and employees will be Magna perfectly matches. We expect that after the acquisition and integration, GETRAG's innovation tradition will continue to flourish."
GETRAK is an 80-year-old transmission supplier and is a pioneer in technology. It mainly provides various gearbox systems, including manual, self-contained, dual clutch, hybrid and other advanced product systems. This acquisition will not only enhance the product capabilities of Magna's powertrain system, but will also create more opportunities for vertical integration.
Magna Chief Executive Don Walker said: “We welcome Gretag and its more than 14,000 professional employees to join the Magna family. This acquisition demonstrates our determination to focus on improving the strategic auto parts product line.â€
Getrag CEO Michel. Ke Techao said: “After becoming a member of Magna, we can become even stronger. I believe that the current need to increase fuel efficiency and reduce carbon emissions is a matter of urgency, and the combined companies will be better able to grasp Live this market opportunity and achieve faster development."
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