Magna Completes Ixetic Purchase

Canada's Magna International Inc. says it has finalized its acquisition of German supplier Ixetic Verwaltungs GmbH for €308 million (US$400 million). The deal was closed after the European Commission approved the deal late last week.

Ixetic, which makes hydraulic and vacuum oil pumps, has four factories: two in Germany and one each in Bulgaria and China. The company generated €300 million ($390 million) in revenue last year.