Canada's Magna International Inc. has agreed to buy ixetic Verwaltungs GmbH, a German maker of automotive engine and transmission pumps, for €308 million ($396 million).
The companies expect to close the deal in the current quarter, subject to European anti-trust approval.
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Replacing an engine's thermostat with Schaeffler Group's powertrain thermal management module can reduce cabin warm-up time as much as 40% and boost fuel economy as much as 4%, according to the company.
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