If you own a car made by BMW, Daimler, Renault or Volvo, there's a good chance it has a manual gearbox made by Getrag. But from now on, that will happen under the leadership of Magna International, which today announced that it has bought 100% of Getrag for 1.75 billion euros or $1.9 billion.
The deal has huge implications for both firms. On the one hand, Magna has been making transmission cases and other connecting components for many years. Buying a specialist company is a logical step. Meanwhile, Getrag now has a backer that could help them compete with rival companies.
In 2013, they registered sales equivalent to $3.6 billion (€3.3 billion), while ZF Friedrichshafen AG had many times that at 30 billion euros (€32.6 billion, following its acquisition of TRW Automotive Holdings Corp.
"As part of our ongoing product portfolio review, we have identified the expansion of our powertrain business as a strategic priority. Getrag is an excellent fit with this strategy. Getrag is a technology leader in a product area that we believe is well-positioned to benefit from industry trends that are driving increased vehicle fuel-efficiency and reduced emissions," Don Walker, Magna's Chief Executive Officer, commented.
Among Getrag's more recent achievements, we'd like to mention the 6-speed twin-clutch gearbox developed for Renault and used by the Clio, Megane and Captur. There's also a 7-speed version, a compact 6-speed one employed by the Smart city cars and a derivative made for Ford, which is marketed as the PowerShift on the Fiesta and Focus.
The company also has a joint venture with Chinese automaker Dongfeng. It operates 13 manufacturing and 10 engineering centers that employ 13,500 people.
At the moment, the deal between Getrag and Magna takes the form of a signed agreement. By the end of 2015, it should be finalized and approved by regulatory bodies.
In 2013, they registered sales equivalent to $3.6 billion (€3.3 billion), while ZF Friedrichshafen AG had many times that at 30 billion euros (€32.6 billion, following its acquisition of TRW Automotive Holdings Corp.
"As part of our ongoing product portfolio review, we have identified the expansion of our powertrain business as a strategic priority. Getrag is an excellent fit with this strategy. Getrag is a technology leader in a product area that we believe is well-positioned to benefit from industry trends that are driving increased vehicle fuel-efficiency and reduced emissions," Don Walker, Magna's Chief Executive Officer, commented.
Among Getrag's more recent achievements, we'd like to mention the 6-speed twin-clutch gearbox developed for Renault and used by the Clio, Megane and Captur. There's also a 7-speed version, a compact 6-speed one employed by the Smart city cars and a derivative made for Ford, which is marketed as the PowerShift on the Fiesta and Focus.
The company also has a joint venture with Chinese automaker Dongfeng. It operates 13 manufacturing and 10 engineering centers that employ 13,500 people.
At the moment, the deal between Getrag and Magna takes the form of a signed agreement. By the end of 2015, it should be finalized and approved by regulatory bodies.