Magna wants to gain electronics expertise through its Telemotive acquisition (Photo: Telemotive)
Magna International has signed a purchase agreement to buy Germany's Telemotive, an engineering service provider in the field of automotive electronics. The acquisition aims to bolsterÂ the Canadian automotive supplier group's expertise in digital technologies.
MagnaÂ said that, once the transaction has been approved by regulators, it plans to integrate Telemotive into Graz, Austria-based Magna Steyr, the company's vehicle engineering and contract manufacturingÂ unit. Final approvals are expected before the end of June.
"This acquisition strengthens our position to not only help customers meet today's challenges, but also those of the car of the future, including the increased integration of electronic vehicle systems," Karl-Friedrich Strack, president of Magna Steyr Contract Manufacturing and Engineering, said in a statement.