Magna To Buy Techform Group Of Companies

(RTTNews) - Magna International Inc. (MGA) said Tuesday that one of its subsidiaries has signed an agreement to buy the Techform Group of Companies, an automotive supplier of hinges, door locking rods and other closure products.

Terms of the deal were not disclosed.

The acquisition combines Techform's product technology and processing expertise with Magna Closures' system integration, global footprint and world class manufacturing capabilities.

On completion of the deal, Magna will acquire Techform's facilities located in Penetanguishene, Ontario; Portland, Tennessee; and Hefei, Anhui China.

The deal is scheduled to close in early October.