Magna makes German buy, launches GM E-Car project
(Reuters) - Canadian-based Magna International Inc (MG.TO: Quote) said on Thursday it will acquire German parts maker BDW Technologies' four aluminum die casting operations in Europe.
It gave no price for the transaction but said BDW, a maker of vacuum high-pressure aluminum die casting, expects sales of about 160 million euros ($119 million) this year and includes Volkswagen, Audi and Porsche among its customers.
The acquisition will be done through Magna operating unit Cosma International and close in the first quarter of 2012. It will give Magna two die casting operations in Germany, one in Poland and one in Hungary.
Magna, the world's third biggest auto parts maker also announced that it had developed a demonstration fleet of nine electric vehicles based on General Motors Co's (GM.N: Quote) Chevrolet Equinox crossover.
The project, undertaken jointly with GM and with the help of a grant from the Ontario provincial government, will help Magna E-Car Systems and GM gain insight into the performance of electric vehicles in the crossover segment of the market.
The Equinox EV fleet is propelled by Magna E-Car Systems' electric drive system.
($1 = 0.74 euros)
(Reporting by Nicole Mordant in Vancouver)
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