Magna to acquire BOCO Group of Companies
September 26, 2016 by Manufacturing AUTOMATION
Sept. 26, 2016 – Magna International says it will increase its product portfolio and engineering capabilities through its acquisition of the BOCO Group of Companies, an automotive supplier of latches, hinges and strikers.
As a result of the acquisition, BOCO’s two facilities located in Wuppertal, Germany, and Tianjin, China, and its approximately 450 employees will be integrated into Magna Closures, an operating unit of Magna.
“We believe BOCO is an excellent fit in terms of technology, footprint and customers, and we look forward to working together to further grow our business,” said John O’Hara, president of Magna Closures. “BOCO’s product and processing know-how and engineering strength also provides additional global growth opportunities for us going forward, particularly with automakers based in Germany.”
The transaction is expected to close in the fourth quarter of 2016, subject to regulatory approval.
Magna is a global automotive supplier with 309 manufacturing operations and 99 product development, engineering and sales centres in 29 countries. Meanwhile, BOCO has annual sales of more than 100 million Euro and its customers include the BMW Group, Daimler and Audi.