Canadian Manufacturing

Magna sells interiors division for $525M

by The Canadian Press   

Canadian Manufacturing
Manufacturing Automotive

The deal covers 36 facilities and 12,000 workers involved in the production of doors, seats and lighting

Magna's new Autotek Morelos plant in Mexico will produce automotive chassis products. PHOTO Magna

The deal is part of Magna’s strategy to refine its product lineup. PHOTO: Magna International

AURORA, Ont.—Magna International has agreed to sell its interiors operations for about $525 million to Spanish auto parts manufacturer Grupo Antolin.

The transaction, involving the production of doors, seats and lighting, includes 36 manufacturing operations and approximately 12,000 employees located in Europe, North America and Asia.

That deal represents about a tenth of Magna’s total global workforce and about US$2.4 billion in annual sales for Magna.

Magna says the deal is part of its strategy to refine its product lineup to focus on key areas of automotive vehicles.


“We are confident that Grupo Antolin will continue to serve our interiors customers and provide to our interiors employees a solid foundation for the future,” Magna chief executive Don Walker in a statement Thursday.


Stories continue below

Print this page

Related Stories