Magna International has recently penned an agreement to purchase German company Telemotive AG, a leading manufacturer of automotive electronics engineering services. However, the company did not disclose financial terms of the deal.
Reports say that Telemotive’s vehicle engineering and contract manufacturing business will be integrated into Magna Steyr. The agreement, which is subject to regulatory approval, is anticipated to close in the second quarter of the year.
Hamid Moaref has always been fascinated by cars and the automotive industry. His family has a longstanding association with the industry and has been in the tire business for the past 35 years. Raised in Dubai, Hamid attended Capilano University in Vancouver where he graduated with a BBA in marketing before attending an intensive course in magazine publishing in 2005. He has been the publisher and chief editor of Tires & Parts magazine for the past ten years.
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