Magna Finalizes Purchase of Getrag

Canada’s Magna International Inc. has completed its acquisition of German transmission maker Getrag Group of Companies.

The €1.75 billion (US$1.9 billion) deal, which was announced in July, includes Magna’s assumption of about €700 million ($757 million) in debt and pension liabilities.

The acquisition encompasses 13 manufacturing facilities and 10 engineering centers in nine countries. Getrag currently supplies transmissions for such carmakers as BMW, Daimler, Ford, Great Wall, Renault and Volvo.

Getrag generates annual sales of about €1.7 billion ($1.8 billion). Magna’s powertrain unit, which makes powertrain components but not entire transmissions, has annual sales of about $5 billion.