Magna Buys Russian Auto Parts Maker Technoplast

August 2, 2008 2:27 p.m. EST

Aurora, Ontario (AHN) - Magna International Inc., the biggest manufacturer of automotive parts in North America, announced Friday that it has purchased Russian counterpart Technoplast for an undisclosed amount as part of its expansion plans.

The Nizhny Novgorod-based auto parts maker produces plastic interior and exterior parts. Technoplast posted sales amounting to $45 million last year.

With the purchase, Magna is in a better to position to improve business with OAO GAZ, the largest car manufacturer in Russia owned by billionaire Oleg Deripaska, which has existing supply contracts with Technoplast.

Deripaska has also invested in Magna last year amounting to $1.54 billion.