Magna bids for Karmann's U.S. business
03/29/2010
(Automotive News)
Magna International Inc. is bidding for the U.S. operations of convertible-top maker Wilhelm Karmann GmbH, says a source familiar with the bidding. The purchase would fit Magna's strategy to diversify and expand globally. Magna and five other bidders, including private-equity firms, are in the running for one of the largest U.S. suppliers of convertible systems, the source says. A decision could come within a month. Winning Karmann USA would give Magna the North American contracts for the Volkswagen Beetle, Ford Mustang and Chrysler Sebring. Magna's North American convertible business currently handles the Chevrolet Corvette and Camaro and the Dodge Viper.
