Magna completes acquisition of Veoneer Active Safety

Magna is strengthening its active safety business by completing the acquisition of Veoneer Active Safety from SSW Partners.

With the acquisition, Magna positions itself as one of the few suppliers that can manage the increasing complexity from forward-looking software, system and integration requirements and provide a comprehensive offering to its customers.

With projected sales of more than $3 billion in 2024, the combined company will build a more comprehensive portfolio in active safety, one of the fastest growing market segments in the automotive industry. It includes all relevant sensors, central computer systems and software solutions.

»Integrating experienced talent and complementary capabilities into our strong foundation in active safety is central to our strategy to strengthen this growing market,« says Magna CEO Swamy Kotagiri. »This strategic move will enable us to offer even more options and forward-thinking solutions to a broader range of customers. We look forward to the opportunities ahead as we continue to innovate and improve mobility for everyone and everything.«

Now with more than 7,200 employees, including 3,500 in engineering, Magna Electronics sees itself accelerating the development of premium features and functions at scale. The company also benefits from an expanded geographic footprint and greater customer reach in key automotive regions around the world. In total, nine plants and 30 development/sales locations are dedicated to active safety.