Last last week, Canadian automotive parts supplier Magna International announced that it had signed an agreement to acquire the Getrag group of companies for approximately €1.75 billion (RM7.22 billion). The purchase of the transmission manufacturer is expected to be completed towards the end of this year, subject to a number of conditions including obtaining all necessary regulatory approvals.
Aside from its wholly-owned operations, Getrag is best known for its significant joint-venture relationship with Ford - in more recent times JVs have come about with Chinese automakers Jiangling and Dongfeng. Other Getrag customers include BMW, Daimler, Renault, Volvo and Great Wall.
Getrag has approximately 13,500 employees and operates 13 manufacturing and 10 engineering centres in nine countries in Europe, Asia and North America. In 2014, Getrag's consolidated sales were approximately €1.7 billion, not including the €1.6 billion in sales generated by its non-consolidated joint-ventures.
The company built around four million transmissions in 2014, which amounted to about five percent of the global total.
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