Canadian Buys Brazilian Auto Parts Operation

Cosma, a unit of Canada’s Magna International, has agreed to purchase the Brazilian auto parts unit of ThyssenKrupp Automotive Systems, further cementing its presence in LatAm. Officials at Cosma and ThyssenKrupp decline to discuss the transaction amount or its valuation metrics. Cosma is a manufacturer of automotive metal body structures, as well as other components and parts for vehicle chassis. ThyssenKrupp’s four Brazilian production plants generated sales of approximately $250m in the fiscal year to September 30, Magna says. Pawel McNicol, managing director of Cosma says that the deal was done with no financial advisors for either party. On the legal front, however, Cosma did retain the services of Pinheiro Neto Advogados, while ThyssenKrupp was advised by Lobo & de Rizzo. Magna currently owns 9 production plants and two research centers in South America.