Magna International Inc.’s closures unit plans to acquire Techform Group of Cos., a supplier of hinges, door locking rods and other closure products. Terms of the deal, expected to be completed early this month, were undisclosed.
As part of the agreement, Magna will acquire Techform’s operations in Penetanguishene, Ontario; Portland, Tenn.; and Hefei in China’s Anhui province, Magna said on Tuesday. Techform is headquartered in Penetanguishene. Magna Closures and Mirrors has headquarters in Newmarket, Ontario.
A Magna spokeswoman said Magna expects no staffing changes.
"The Techform acquisition complements our product portfolio and further strengthens our global leadership position in the closure systems market," Frank Seguin, president of Magna Closures and Mirrors, said in a statement Tuesday. "Techform's product and processing know-how and technology broadens our current capabilities and provides additional growth opportunities for us going forward."
Magna International, of Aurora, Ontario, ranks No. 3 on the Automotive News list of the top 100 global suppliers. The company has 317 manufacturing plants and 83 product development, engineering and sales centers in 29 countries.
Techform, in addition to its closure products, provides engineering services and testing centers. The company was founded in 1971.