Magna Buys Veoneer Active Safety Business

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Magna (NYSE:MGA; TSX:MG) said today that has completed the acquisition of Veoneer Active Safety from SSW Partners. The deal increases scale of sensor, software and systems engineering capabilities at the multi-national, Canadian based auto supplier. Magna is claiming it will generate more than $3 billion in sales in 2024, as the combined business builds a larger active safety portfolio across all relevant sensors, central computer systems and software in one of the growing market segments in automotive.

“Adding experienced talent and complementary capabilities to our strong foundation in active safety is core to our strategy of bringing more horsepower to this growing market,” said Magna CEO Swamy Kotagiri. “This strategic move enables us to provide even more options and advanced solutions to a broader range of customers.”

“Our electronics team, now with more than 7200 employees, including 3500 in engineering, can better accelerate (sic) the development of premium features and functions at scale. Magna will also benefit from an expanded geographic footprint and customer reach in key automotive regions around the world with nine facilities and 30 engineering/sales locations dedicated to active safety,” Kotagiri said.