Magna buys head-up display, electronic components maker
Acquisition from Philips & Lite-On Digital Solutions aimed at delivering more connected car technologies to market
SAILAUF, Germany—Magna International Inc., as it looks to boost its electronic components portfolio, has acquired the head-up display and electronic components units of Philips & Lite-On Digital Solutions Corp. (PLDS).
The transaction, which also includes PLDS’ ultrasonic sensor business in Hsinchu, Taiwan, is aimed at strengthening Magna’s electronics engineering capabilities in Europe.
About 60 PLDS employees will join Magna, the Aurora, Ont.-based firm said.
“The acquired PLDS businesses are a strategic addition to our portfolio which will further strengthen our already innovative approach to driver assistance systems with regards to product capability and technology,” Magna Electronics vice-president Olaf Bongwald said in a release.
“We are pleased to welcome the PLDS employees to the Magna Electronics global team.”
The acquisition is also aimed at delivering more connected car technologies to the market.
A leader in digital convergence, PLDS develop products in the areas of automotive wireless charging, head-up display technology and connectivity, as well as various electro-mechanical devices.
Terms of the acquisition are not being disclosed.