Magna buying Spanish automotive seat maker Viza Geca SL
The acquisition gives Magna four new facilities and more than 1,100 new employees.
Canadian automotive parts maker Magna International Inc. has signed a deal to buy Spanish company Viza Geca SL, which specializes in automotive seating.
The financial terms of the deal have not been disclosed.
In a statement, Aurora, Ont.-based Magna said that Viza adds expertise and a portfolio of products including patented floor-latch systems and foldable seats.
“We have been strategic and deliberate in growing our seating business, especially with our structural products, which require higher levels of capital investment,” Mike Bisson, president of Magna Seating, said in a statement. “Viza’s deep expertise and footprint give us added support to grow, especially in Europe, and strengthen our competitive position.”
Under the agreement, Magna will acquire factories in Spain, the Czech Republic, Morocco, and Mexico.
The company will also add more than 1,100 employees.
The deal is expected to close in the first quarter of 2019.