NEW YORK (Bloomberg) -- Getrag, one of the biggest independent makers of transmissions, has attracted interest from automotive suppliers including Canada’s Magna International, people with knowledge of the matter told Bloomberg.
The family behind Getrag is exploring a stake sale or initial public offering amid rising consolidation among auto suppliers. The family hasn’t yet made a final decision, said the people, who asked not to be identified because the talks are private.
Magna, North America’s biggest supplier, has expressed interest, as have some Chinese competitors, the people said. Dana Holding Corp., a powertrain components supplier, would consider a bid if the entire company is put up for sale, the people said.
Getrag traces its roots to 1935, when Hermann Hagenmeyer founded the transmission maker in southwest Germany. Getrag reported $3.6 billion in sales for 2013, according to its website. German transmission rival ZF Friedrichshafen has become a company with about 30 billion euros ($33 billion) in annual sales after its acquisition this year of TRW Automotive Holdings.
Spokesmen for Getrag, Dana and Magna declined to comment.