Magna subsidiary acquires Grenville Castings
September 6, 2011
By The Canadian Press
Magna International Inc. subsidiary Cosma International has acquired Grenville Castings Ltd., a structural casting supplier of aluminum components for the automotive, heavy truck and recreational markets.
Financial details of the transaction were not disclosed.
Grenville Castings, headquartered in Perth, Ont., is a niche production and development company with a focus on complex structural casting. Its core technology includes thin wall and hollow core low-pressure casting.
Cosma International, an operating unit of Magna, manufactures a comprehensive range of metal body systems, components, assemblies and modules at 47 manufacturing facilities and 25 product development and engineering centres worldwide.
“With the combination of Cosma’s global footprint and the technical expertise gained from Grenville Castings, the acquisition positions Cosma to become a leading global manufacturer of aluminum structural castings in all major geographic markets, the company said in a release.
It also said the acquisition would support Cosma’s global launch of an automotive chassis program scheduled to start production in 2014.