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August 09, 2006

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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."

(August 4, 2006)


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