October 1, 2012 / 12:59 PM / 6 years ago

Magna to buy German auto parts maker for 308 million euros

(Reuters) - Magna International Inc (MG.TO), one of the world’s biggest auto parts manufacturers, said it will buy Germany-based ixetic Verwaltungs GmbH for about 308 million euros ($396.24 million) to expand its engine and transmission pumps business.

Ixetic, a manufacturer of hydraulic and vacuum pumps used in automobiles, had 2011 sales of about 300 million euros. The company has two manufacturing facilities in Germany, and one each in Bulgaria and China.

The acquisition is expected to close in the fourth quarter.

Magna, through one of its units, also signed an agreement to buy the remaining 50 percent stake in STT Technologies Inc, it said in a statement.

Magna shares closed at C$42.51 on Friday on the Toronto Stock Exchange.

($1 = 0.7773 euros)

Reporting by Shounak Dasgupta in Bangalore; Editing by Saumyadeb Chakrabarty

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