Magneti Marelli, a Milan-based company belonging to Italy's Fiat Group, announced on Monday, January 18, that, through its subsidiary Magneti Marelli Suspensions USA located in Farmington Hills, Minnesota, it has acquired the International Steel Solutions plant in Pulaski, Tennessee. The specific terms of the transaction were not disclosed.
Magneti Marelli intends to use this facility to continue manufacturing shock absorbers and related suspension parts and to employ a significant number of employees there.
As a part of Fiat Group, Magneti Marelli designs and produces advanced systems and components for the automotive industry. With 67 production facilities, 10 R&D centers and 28 application centers in 18 countries, 33,000 employees and a turnover of €5.4 billion in 2008, the group supplies all the leading carmakers in Europe, North and South America and the Far East.