Magna To Buy U.K.-based Stadco

(RTTNews) - Canadian auto-parts giant Magna International Inc. (MGA) said Friday that it has agreed to buy Stadco Automotive Ltd., an independent Tier 1 Body-In-White supplier based in the United Kingdom.

Financial details of the acquisition were not disclosed.

Stadco has industry leading expertise in the automotive industry in the supply of steel and aluminum stampings as well as complex vehicle assemblies to customers such as Jaguar Land Rover, Ford Motor Co. (F) and General Motors Co. (GM). Stadco has four manufacturing facilities located in the UK and one in Germany, employing in total about 1,400 people.

The deal is expected to close in the fourth quarter of 2015.

In Mid-July, Magna agreed to buy privately-owned German car parts maker Getrag Group of Cos. in a deal valued at about 2.45 billion euros or $2.67 billion, including proportionate net debt and proportionate pension liabilities of about 700 million euros or $763 million. The deal is expected to close near the end of 2015.