Magna buys South American auto seat supplier
Canadian Plastics
Automotive Economy Automotive: Design Plastics Industry Economic Changes/ForecastIn a move designed to expand its presence in South America, Magna Seating, an operating unit of Ontario-based auto parts maker Magna International, has acquired automotive seat supplier Pabsa S.A.
In a move designed to expand its presence in South America, Magna Seating, an operating unit of Ontario-based auto parts maker Magna International, has acquired automotive seat supplier Pabsa S.A.
According to Magna, the new business entity will operate as Magna Seating Argentina.
The terms of the purchase have not been disclosed.
The acquisition includes two production facilities in Buenos Aires and one in Cordoba, Argentina, and includes approximately 960 Pabsa employees.
Pabsa, previously part of the L’Equipe Monteur Group, is based in Buenos Aires, Argentina, and is a supplier of complete seats, foam products, trim covers and seat structures. The company recorded sales of approximately US$110 million in 2010, Magna said.
The purchase is the latest in a string of South American acquisitions for Magna Seating. In November 2010, the company bought automotive seating supplier Resil Minas and also established a manufacturing facility near Sao Paulo, Brazil, to produce complete seats for General Motors and Volkswagen.
