With an aim to win vehicle engineering contracts in China, Magna Steyr is planning to make acquisitions in the country.
According to IHS Global Insight Daily Analysis, president of vehicle technology and engineering Karl-Friedrich Stracke said: “We are watching the M&A market very closely and are already looking at ways that we can become stronger. But it must be a true enhancement that brings us additional expertise. Just buying additional capacity makes no sense. A purchase has to fit strategically and contribute to our ability to offer our customers better service. That is the goal. We are looking at companies involved with electronics and on-board networks or with alternative powertrains as their focus.”
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He added: “We have already mastered the integration of such technologies into the entire vehicle. Overall vehicle expertise has been a traditional Magna Steyr strength. However, this requirement is now coming from our Chinese customers, and that means we have to build up more overall vehicle know-how there. In China, however, the focus is on organic growth.”
