Shropshire-based automotive firm Stadco is to be taken over a Canadian company, it was revealed today.
Magna International, based in Ontario in Canada, has agreed a deal which will see it acquire the company for an undisclosed sum.
Stadco has been one of Shropshire's great success stories in recent years, and saw turnover pass the £200 million mark last year.
It employs 900 people at plants in Telford, Shrewsbury, Llanfyllin and Castle Bromwich, and makes body-in-white pressings – structural parts of car doors – for car companies including Jaguar Land Rover, Ford and General Motors.
The deal is expected to be concluded in the final quarter of the year, with the Canadian company saying the move will expand its geographical footprint.
The deal comes hot on the heels of another transatlantic deal for a well-known Shropshire company, which saw Aga Rangemaster bought out by Illinois-based Middleby Corp.
Subscribe to our Newsletter
- See more on this story in Saturday's Shropshire Star