Magna closes on $525M sale of interiors unit to Grupo Antolin
Final transactions to Chinese joint ventures expected by year's end
AURORA, Ont.—Magna International Inc. has completed the sale of the vast majority of its interiors operations to Grupo Antolin.
The company noted the completed transaction does not include two joint ventures in China, however, which are expected to close before the end of the year, pending regulatory approvals.
The previously announced transaction includes 36 manufacturing operations and approximately 12,000 employees located in Europe, North America and Asia.
At the time of the initial announcement, Magna CEO Don Walker said the transaction is consistent with the company’s strategy. Magna is in the process of refining its product portfolio to focus on certain key areas of the vehicle.