AURORA, Ontario - Magna Steyr, the vehicle assembly subsidiary of Magna International Inc., has completed negotiations to acquire the Eurostar assembly complex in Graz, Austria, from DaimlerChrysler AG. The deal is expected to close in July.
The acquisition will double Magna Steyr's annual assembly capacity to more than 200,000 vehicles.
The company assembles the Jeep Grand Cherokee and several Mercedes-Benz models for Europe.
It is developing a Saab convertible, with production to begin next year, and it will develop and manufacture the BMW X3 sport wagon.
Because of the Eurostar deal, Magna has halted a plan to merge its Tesma International Inc. powertrain subsidiary with Magna Steyr.