Magna
acquires Porsche's North American Engineering Services Unit
Extensive
capabilities in body development
Stuttgart,
Germany/Aurora, Ontario, Canada - Magna International Inc. and
Dr. Ing. h.c. F. Porsche AG, Stuttgart, have signed an agreement
pursuant to which Magna will acquire Porsche's North American
engineering services unit, Porsche Engineering Services, Inc. (PES).
PES, based in Troy, Michigan, employs 120 personnel working
primarily on OEM programs for the North American market.
On completion of
the transaction, PES will be integrated into Magna Steyr North
America, which includes the Engineering Centre Detroit and the
recently announced operations responsibility for the Toledo
Paint Facility. Magna Steyr North America consists of
approximately 300 personnel in three facilities located in
Rochester Hills, Michigan, and Toledo, Ohio.
Siegfried Wolf,
co-Chief Executive Officer of Magna, stated: "The
acquisition of PES enhances our engineering activities in the
North American market in a targeted and strategic way. By adding
the extensive capabilities of PES, particularly in body
development, we can offer our OEM customers a wider and deeper
range of engineering services."
Wolfgang
Dürheimer,
Member of the Executive Board of Porsche AG with responsibility
for Research and Development:
"In the future, we will
control all development activities for external customers
through the Porsche Engineering Group in Weissach for efficiency
reasons. We are thus delighted to have found a respected group
like Magna Steyr North America to be the future owner of PES in
Troy, and are confident that it will provide PES' employees with
good prospects for the future."
