Magna buys gear manufacturer Getrag

Magna reaches for Getrag
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D he automotive supplier Getrag, based in Untergruppenbach near Heilbronn, produced 3.9 million gearboxes in 2014 and employed 13,500 people. The Getrag Group's 2014 revenues were around 3.26 billion euros.

Getrag is a leading supplier of dual clutch transmissions and counts among its customers BMW, Daimler, Renault, Ford and Volvo as well as the Chinese car manufacturers Great Wall, Dangfeng and Jiangling. Getrag has 13 plants in nine countries in Europe, Asia and North America. During the economic crisis of 2009, Getrag was supported by a state guarantee.

Magna quoted 1.75 billion euros as the purchase price. The competition authorities still have to approve the purchase, so the final settlement can drag on until the end of 2015. Getrag will initially continue to exist as an independent unit with its own management.

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