By Carolyn King
Canadian car-parts giant Magna International Inc. said Thursday
it had agreed to sell its interiors operations to Spain's Grupo
Antolin for about $525 million, as Magna sharpens its focus on
certain vehicle areas.
The sale includes 36 plants in Europe, North America and Asia
employing about 12,000 people, Magna said in a statement. The
operations generated sales of about $2.4 billion last year. The
deal doesn't include Magna's seating business.
Car-parts makers are under pressure to consolidate their lineups
in a rapidly evolving auto sector as car companies expand
manufacturing to markets like China, Mexico and Brazil.
Grupo Antolin is closely held and specializes in parts for car
interiors, including car overheads, seats, lighting systems and
trim.
The transaction is expected to close in the third quarter,
subject to customary conditions, including antitrust approvals.
Magna, which provides a range of car parts, has more than 300
factories as well as 84 product development, engineering and sales
centers in 28 countries. A company spokesman wasn't immediately
available to elaborate on which vehicle areas Magna plans to
prioritize.
Write to Carolyn King at carolyn.m.king@wsj.com
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