Magna International says it has inked an agreement to sell substantially all of its interiors operations, excluding seating, to Grupo Antolin for US$525m.
The purchase price for the operations, excluding certain assets, is around US$525m, subject to customary closing adjustments for the value of net working capital and net debt at closing.
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The transaction includes 36 manufacturing operations and around 12,000 employees located in Europe, North America and Asia.
Full-year 2014 total sales for the operations included in the agreement were around US$2.4bn. Magna’s seating business is not included in this transaction.
“This transaction is consistent with our strategy of refining our product portfolio to focus on certain key areas of the vehicle,” said Magna CEO, Don Walker.
“In addition, we are very pleased to have reached an agreement with an established company we believe will be well-positioned globally in the interiors business.
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By GlobalData“We are confident Grupo Antolin will continue to serve our interiors customers and provide to our interiors employees a solid foundation for the future.”
The transaction is expected to close in the third quarter of 2015, subject to a number of customary conditions, including antitrust approvals.
