Magna acquires business units of Philips & Lite-On Digital Solutions
In a move designed to strengthen its electronics engineering capabilities in Europe, automotive parts supplier Magna International Inc. has acquired the head-up display and electronic components business units of Philips & Lite-On Digital Solutions (PLDS) in Wetzlar, Germany, as well as PLDS’ ultrasonic sensor business in Hsinchu, Taiwan.
“Acquiring these business units furthers [Magna’s] goal of growing its electronics portfolio and delivering a variety of connected car technologies to the market,” Aurora, Ont.-based Magna said in a statement.
As part of the transaction, approximately 60 PLDS employees will join Magna. The terms of the acquisition have not been disclosed.
“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,” said Olaf Bongwald, Vice President of Magna Electronics.
PLDS is described by Magna as a leader in digital convergence. Its automotive business units in Wetzlar and Hsinchu develop products in the areas of automotive wireless charging, head-up display technology and connectivity, as well as various electro-mechanical devices.