August 4, 2006

Magna buys Porsche’s North American engineering division

Aurora, Ontario – Canadian parts giant, Magna International has signed an agreement to purchase Porsche’s North American Engineering Services (PES) unit based in Troy, Michigan. The unit employs 120 personnel. Porsche will now separate itself from PES and centre all its development activities in Weissach, Germany.

“The acquisition of PES enhances our engineering activities in the North American market in a targeted and strategic way,” said Siegfried Wolf, co-Chief Executive Officer of Magna. “By adding the extensive capabilities of PES, particularly in body development, we can offer our OEM customers a wider and deeper range of engineering services.”

The transaction is expected to be completed in mid September, 2006.

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