Magna sells interiors business to Spain’s Grupo Antolin for $525 million
Automotive parts supplier Magna International Inc. is selling its interiors operations to Spanish auto parts manufacturer Grupo Antolin for approximately US$525 million.
The transaction, involving the production of headliners, interior trim panels, instrument panels, and other interior components, includes 36 manufacturing operations and approximately 12,000 employees located in North America, Europe and Asia.
In a statement, Magna said the deal – which represents about a tenth of the company’s total global work force and about US$2.4 billion in annual sales – is part of its strategy to refine its product lineup to focus on key areas of automotive vehicles. Magna’s seating and lighting businesses are not included in the deal.
“We are confident that Grupo Antolin will continue to serve our interiors customers and provide to our interiors employees a solid foundation for the future,” Magna chief executive Don Walker in the statement.
Headquartered in Aurora, Ont., Magna is Canada’s largest auto parts companies and one of the largest in the world. It currently has 313 manufacturing operations and 84 product development, engineering and sales centres in 28 countries.
Antolin has about 14,800 employees and a presence in 25 countries. The company reported 2014 annual revenue of 2.225 billion euros (US$2.38 billion).