Supplier Magna to exit interior business
Interior production arm to be purchased by Grupo Antolin
Canadian parts supplier Magna International is looking to exit the interior components production business with a sale of its operations to Spanish firm Grupo Antolin.
Once the deal is approved, a total of 36 facilities representing a workforce of 12,000 in North America, Europe and Asia are to be sold for $525 million USD. The interiors division represented $2.4 billion of Magna's reported $36.64 in sales in 2014, according to Reuters. "This transaction is consistent with our strategy of refining our product portfolio to focus on certain key areas of the vehicle," said Don Walker, Magna CEO, in an official release.
"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," he continued.
Magna's seating business is not included in the transaction.