Magna International Inc. says its Cosma International division has acquired a Brazilian auto component manufacturer that supplies several of the world’s largest auto makers. The Ontario-based auto parts giant said Cosma has closed a deal with ThyssenKrupp Automotive Systems to take over its Brazilian operations which has four manufacturing plants and employs approximately 770 employees.
ThyssenKrupp operations had a sales of about $250-million (U.S.) in its fiscal year ended Sept. 30. The Current production customers include Ford, Fiat, Renault-Nissan, and Honda.
Magna by acquiring Brazil based automotive company has further enhanced its commitment towards the South American automotive market. Magna currently has 9 manufacturing plants in South America region which employs approx. 3,500 employees.
In November, Cosma said it would acquire BDW technologies group and its four European facilities that supply several auto makers, including Volkswagen proving that Magna is on an acquisition spree.