Magna to absorb Triam as shareholders accept buyout
Article Abstract:
Magna International Inc. of Aurora, Ontario, will absorb Triam Automotive Inc. following the acquisition of 90.9% of Triam shares by the former from Triam investors for around C$11.50 per share in stock and cash. The acquisition also calls for James Nicol, one of the founders of Triam, to become a vice-chairman of Magna and earn for him termination payments and option gains worth C$3.4 million. Likewise, the Triam acquisition will mean Magna will obtain engineering and technical centers, a plastics factory and other stamping operations and sales of approximately C$100 million annually.
Comment:
Will absorb Triam Automotive Inc after its purchase of 90.9% of Triam shares by for C$11.50 a share in cash & stock
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
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Magna to sell most of its seat frame business
Article Abstract:
Magna International Inc., a company based in Canada, has reached an agreement to sell 65% of its new seat frame business in the US to P&C Group, a minority-owned supplier of automotive components based in West Bloomfield, MI. The sale is part of the company's efforts to meet the requirement of auto manufacturers in the US to have 5% to 10% of their components provided by minority-owned companies. Terms of the deal calls for Magna International to control the remaining 35% of business, which include three seat frame plants in Arkansas, Nebraska and Georgia.
Comment:
Agrees to buy 65% of new seat frame business in US of Magna International Inc
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
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