AURORA, Ont. — Magna International Inc. (TSX:MG) says it's acquiring a U.K.-based company that supplies stamped bodies for auto makers such as Jaguar Land Rover, Ford Motor Co. and General Motors.
The Ontario-based autoparts giant isn't disclosing what it will pay for Stadco Automotive Ltd., which does steel and aluminum stampings as well as complex vehicle assemblies.
Stadco employs 1,400 people at four plants in the United Kingdom and one in Germany.
John Farrell, president of Magna's Cosma International division, said Friday that Stadco's expertise complements the Canadian company's capabilities as a supplier of automotive bodies and chassis.
"In addition, this acquisition expands Cosma's geographic footprint and strengthens our existing global customer base," Farrell said in a statement.
The transaction is expected to close in the fourth quarter of 2015, subject to certain regulatory approvals and conditions.
Magna International, based in Aurora, Ont., is one of the world's biggest autoparts suppliers. It employs about 124,000 people and has 287 manufacturing operations as well as 81 other locations in 29 countries.
The Canadian Press