Magna sells interiors division for $525M
by The Canadian Press
The deal covers 36 facilities and 12,000 workers involved in the production of doors, seats and lighting
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.