Hanon Systems has completed the acquisition of the Fluid Pressure and Controls business of Magna International for around $1.2 billion. Hanon Systems pursued this exclusive deal with Magna International based on the alignment of this business to the company’s strategic priorities. The business acquired specialises in thermal and energy management solutions designed to improve
“This transaction is a significant milestone in the history of Hanon Systems and strengthens its position in the automotive thermal management sector,” said Yeo-Eul Yoon, Hanon Systems Chairman of the
Board and Chairman of Hahn & Company, the company’s majority shareholder.
The transaction involves nine manufacturing and engineering facilities across Europe, North America and Asia, and approximately 4,100 employees. Based on 2018 results, the combined business would have generated annual revenue of $6.9 billion.
“The new Hanon Systems – with its competitive technology and innovative capabilities, expanded the global footprint and highly regarded talent pool – is well-equipped to support global automakers and the industry shift toward e-mobility,” said Yoon.