Magna announced it strengthened its active safety business with the completion of its acquisition of Veoneer Active Safety from SSW Partners. The deal closed on June 1, 2023.
Magna says the deal will help the company tackle the increasing complexity of advanced software, system and integration challenges by allowing it to deliver a complete set of offerings to customers.
Projected to generate more than $3 billion in sales in 2024, the combined business builds a more comprehensive active safety portfolio across all relevant sensors, central computer systems and software solutions for Magna in one of the fastest growing market segments in automotive, the company says.
“Our electronics team, now with more than 7,200 employees, including 3,500 in engineering, can better accelerate 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,” Magna adds.
