Magna to Acquire German Auto Pump Maker

Canada's Magna International Inc. has agreed to buy ixetic Verwaltungs GmbH, a German maker of automotive engine and transmission pumps, for €308 million.

The companies expect to close the deal in the current quarter, subject to European anti-trust approval.

Magna says Ixetic's "technologies, footprint and diverse customer base" are an excellent fit with its own powertrain pump operations. The German company was part of Schaeffler Group until the latter company sold it to a private equity firm in 2006.

Ixetic has two factories in Germany and one each in Bulgaria and China. The company, which has 1,400 employees, generated sales of €300 million in 2011.