Magna to acquire OLSA and expand lighting business
The $352-million deal will make Aurora, Ont.-based Magna a global lighting supplier.
In a bid to make it a global lighting supplier, Canadian auto parts molder Magna International Inc. has signed a deal to buy Italian company OLSA S.p.A., a maker of automotive lighting products, for approximately $352 million.
In addition to making it a global lighting supplier, Aurora, Ont.-based Magna said the deal will expand its capability to design, engineer and manufacture headlamps, tail lamps and other lighting products.
OLSA, based in Turin, Italy, employs about 2,500 people and has manufacturing operations in Italy, Poland, Brazil, China, and Mexico. Its customers include the Volkswagen Group, the BMW Group, Daimler and FCA.
The deal, which requires regulatory approval and other standard closing conditions, is expected to close before the end of the year.
“OLSA brings Magna advanced technology that will enhance our portfolio of distinctive, feature-rich lighting products,” John O’Hara, president of Magna Lighting, said in a statement. “Lighting represents a growth area for Magna due to increasing levels of electronics integration and a desire for automakers to differentiate their vehicles through styling.”
With the acquisition of OLSA, Magna will have a total of 11 lighting manufacturing facilities and two engineering centres globally.