Active safety business Magna has completed the acquisition of Veoneer Active Safety from SSW Partners. The deal will enable Magna to “tackle the increasing complexity coming from advanced software, system and integration challenges” through the provision of a complete of solutions to its customers.
The combined business is estimated to result in U$3bn in sales in 2024, by offering an extensive safety portfolio which encompasses sensors, central computer systems and software solutions.
“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 Swamy Kotagiri, CEO, Magna.
“This strategic move enables us to provide even more options and advanced solutions to a broader range of customers. We look forward to the opportunities ahead as we continue to innovate and advance mobility for everyone and everything.”
The company currently employs 7,200 people which includes 3,500 engineers, meaning Magna is well positioned to develop advanced solutions at scale. With nine sites and 30 engineering and sales locations dealing with active safety, Magna now benefits from an expanded geographic footprint which covers a multitude of key regions and locations.