09/30/2014 02:46 EDT | Updated 11/30/2014 05:12 EST

Magna International signs deal to buy the Techform Group of Companies

AURORA, Ont. - Magna International Inc. (TSX:MG) has signed a deal to buy auto parts maker, the Techform Group of Companies.

Terms of the deal were not released.

Techform has factories in Penetanguishene, Ont., Portland, Tenn., and China.

The company makes hinges, door-locking rods and other auto parts.

The deal is subject to customary terms and conditions and is expected to close next month.

Magna is one of the world's largest auto parts makers with more than 300 factories around the world.