Agreement has been reached for Stadco Automotive Ltd., including its businesses in the UK and Germany, to be acquired by Magna International.
Stadco is a major international supplier of Body-in-White (BIW) products and services to a range of automotive OEMs including Jaguar Land Rover, Ford Motor Company and General Motors. It has four facilities located in the UK and one in Germany, employing in total around 1,400 people.
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The organisation has grown significantly in recent years with major investments in new facilities and equipment. Stadco is the largest independent Tier 1 BIW supplier in the UK and has industry leading expertise in the manufacture of both steel and aluminium stampings and complex assemblies. In Germany, Stadco is a major supplier of complex assemblies to Ford.
Greg MacLeod, Chief Executive Officer, Stadco Automotive said: “The acquisition by Magna will provide further opportunities for the business and its employees to flourish and marks the start of an exciting new period in the company’s development.”
The transaction is expected to close in the fourth quarter of 2015 and is subject to a number of customary conditions, including regulatory approvals. Financial details of the acquisition are not being disclosed. Stadco was advised by investment bank Lincoln International.
