Magna to acquire BOCO Group

In a bid to increase its capacity to make automotive latches, hinges, and other closure components, automotive parts supplier Magna International Inc. has purchased the BOCO Group of Companies.

The terms of the deal have not been disclosed. The transaction is expected to close in the third quarter of 2016.

In a statement, Aurora, Ont.-based Magna said that BOCO has annual sales of more than $148-million and employs 450 people at operations in Germany and China.

Magna has 309 manufacturing operations and 99 product development, engineering and sales centres in 29 countries. In total, it employs more than 152,000 people.