Magna International is to acquire leading German automotive roof makers German CTS Fahrzeug-Dachsysteme from Porsche for around 170 million Euros in cash.

CTS produces soft-tops, hardtops and modular retractable hardtops. In addition to Porsche, its customers include DaimlerChrysler, Ferrari, Peugeot and General Motors.

In 2004, CTS reported sales of approximately 400 million Euros. CTS has six facilities in Europe and two facilities in North America, with approximately 1,100 employees.

Magna which designs, develops and manufactures automotive systems, assemblies, modules and components, and engineers and assembles complete vehicles, has over 82,000 employees in 222 manufacturing operations and 58 product development and engineering centres in 22 countries.

Closing of the transaction is subject to obtaining all necessary regulatory approvals.