Magna and DaimlerChrysler have announced today that they have signed an agreement by which Magna would acquire the worldwide operations of DaimlerChrysler Corporation's wholly- owned subsidiary, New Venture Gear, Inc (NVG). The U.S. operations will be acquired by a new joint venture, named New Process Gear, Inc., which will initially be owned 80% by Magna and 20% by DaimlerChrysler Corporation and will have facilities in Syracuse, New York and Troy, Michigan.