Magna International said it had signed a purchase agreement to acquire the BÖCO Group of Companies, an automotive supplier of latches, hinges and strikers, to help bolster its product portfolio and engineering capabilities in key regions.
Subject to regulatory approval, the transaction is expected to close in the third quarter of 2016.
Once complete, BÖCO's two facilities located in Wuppertal, Germany, and Tianjin, China, and its approximately 450 employees will be integrated into Magna Closures, an operating unit of Magna. BÖCO has annual sales of more than EUR100m and its customers include the BMW Group, Daimler and Audi. The addition of BÖCO complements Magna's product portfolio, enhances its engineering capabilities and strengthens its leadership position in the global closure systems market.
"We believe BÖCO is an excellent fit in terms of technology, footprint and customers, and we look forward to working together to further grow our business," said John O'Hara, president, Magna Closures. "BÖCO's product and processing know-how and engineering strength also provides additional global growth opportunities for us going forward, particularly with automakers based in Germany."