HISTORY
The origins of Tesma as an independent operating
entity date back to the formation of the "Maple Group"
in 1983, when Magna International Inc. combined
5 of its divisions involved in the manufacture and supply of engine
and transmission components (and related businesses) under a single
management team.
In 1988, the Maple Group, which by then had grown
to include a number of additional manufacturing divisions and operating
interests, was renamed the "Tesma International Group".
During 1993, through the Litens Automotive Partnership,
Tesma acquired its first manufacturing facility in Europe.
Until July 31, 1995, Tesma was a wholly owned subsidiary
of Magna International Inc. On that date, Tesma completed an initial
public offering of its Class A Subordinate Voting Shares ("Class
A Shares") and was established as a separate public company.
At the same time, Tesma also acquired the "Blau" companies
and their related fueling and cooling product manufacturing operations
in Canada, Germany, Austria and Spain.
In January 1997, Tesma's aluminum die-casting and
machining capabilities were expanded through the acquisition of
Eralmetall in Germany. This acquisition helped position Tesma as
one of the few cast aluminum suppliers in the automotive industry
with manufacturing facilities in both North America and Europe.
In addition, Tesma successfully completed its second public offering
of Class A Shares on June 5, 1997.
In January 1998, Tesma acquired Hughes Manufacturing,
a Michigan-based supplier of formed and finished metallic tubes
for gas tank applications which complements, in North America, the
fuel filler modules business developed by the Blau companies in
Europe.
In August 1998, Tesma acquired the Triam Automotive
Sterling Heights (Michigan) facility, a highly respected transmission
components manufacturer which expanded Tesma's customer base and
range of product offerings.
During 1998, Tesma realigned its business activities
into three "systems" related areas: Engine Systems, Transmission
Systems and Fuel Systems, to focus sales & marketing and research
& development resources and to improve the "time to market"
for new product introductions. This realignment, together with Tesma's
continuing focus on Innovation, Engineering and Performance, will
enable the Company to take full advantage of the increasing opportunities
in the engine, transmission and fueling system product areas across
the global automotive industry.
In January 1999, Tesma acquired HAC Corporation,
a South Korean manufacturer of automotive oil and water pumps, further
expanding Tesma's customer and product base as well as providing
Tesma's first manufacturing presence in the Pacific Rim.
On June 20, 2000, Magna completed the sale of 4,352,644
of its Tesma Class A Shares,representing all of its existing Tesma
Class A shareholdings, with the balance being offered by four other
Tesma shareholders including Frank Stronach & Co. The shares
were sold for $26.20 to a syndicate led by BMO Nesbitt Burns Inc.
and including CIBC World Markets Inc. and TD Securities Inc.
ON July 18, 2002, Tesma completed the sale of 2,850,000
Class A Subordinate Voting Shares from treasury at $35.15 per share
to a syndicate led by Scotia Capital Inc. and including TD Securities
Inc. and RBC Capital Markets.
In January 2004, Tesma purchased U.S. based Davis
Industries, Inc. a manufacturer of stamped powertrain components
and assemblies. The acquisition expands Tesma's customer base (including
New Domestics) and product line.
Magna International Inc. currently holds voting
control over Tesma through its ownership of Tesma's multiple-voting
Class B shares. Despite this share ownership interest, Tesma is
separately operated by an independent management team led by Manfred
Gingl, Vice Chairman and CEO. Tesma's management team is accountable
to a separate Board of Directors, composed of a majority of outside
or independent directors, who provide independent counsel and discipline.
|
