The dynamic behaviour of magneto-mechanical sensors and actuators can be completely described by Maxwell's and Navier-Lamé's partial differential equations (PDEs) with appropriate coupling terms reflecting the interactions of these fields and with the corresponding initial, boundary and interface conditions. Neglecting the displacement currents, which can be done for the classes of problems considered in this paper, and introducing the vector potential for the magnetic field, we arrive at a system of degenerate parabolic PDEs for the vector potential coupled with the hyperbolic PDEs for the displacements.Usually the computational domain, the finite element discretization, the time integration, and the solver are different for the magnetic and mechanical parts. For instance, the vector potential is approximated by edge elements whereas the finite element discretization of the displacements is based on nodal elements on different meshes. The most time consuming modules in the solution procedure are the solvers for both, the magnetical and the mechanical finite element equations arising at each step of the time integration procedure. We use geometrical multigrid solvers which are different for both parts. These multigrid solvers enable us to solve quite efficiently not only academic test problems, but also transient 3D technical magneto-mechanical systems of high complexity such as solenoid valves and electro-magnetic-acoustic transducers. The results of the computer simulation are in very good agreement with the experimental data.