Friday, 2 September 2011

Cosma International acquires Grenville castings




Magna International Inc. subsidiary Cosma International announced Wednesday that it has acquired Grenville Castings Ltd., a structural casting supplier of aluminum components for the automotive, heavy truck and recreational markets.

Financial details of the transaction were not disclosed.

“The acquisition of this facility by Cosma International, as well as their commitment to maintain the current complement of staff is a big deal and great news story for the Town of Perth, said Mayor John Fenik in a press release

“Their decision to locate a state of the art chassis manufacturing facility here demonstrates that Perth is a destination for advanced manufacturing and innovative technologies; further this decision can be seen as testament to the skills and quality of the men and women that make up our local workforce. Add to this mix our high quality of life and it is obvious why Perth remains a dynamic manufacturing centre.” Cosma International, an operating unit of Magna, manufactures a comprehensive range of metal body systems, components, assemblies and modules at 47 manufacturing facilities and 25 product development and engineering centres worldwide.

"With the combination of Cosma's global footprint and the technical expertise gained from Grenville Castings, the acquisition positions Cosma to become a leading global manufacturer of aluminum structural castings in all major geographic markets, the company said in a release.

It said the acquisition would also support Cosma's global launch of an automotive chassis program scheduled to start production in 2014.

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