Magna’s Cdn plants not included in $525M sale to Antolin
April 20, 2015 by Manufacturing AUTOMATION
Apr. 20, 2015 – Magna International has confirmed its Canadian plants are not included in its decision to sell its interiors operations to Spanish auto parts manufacturer Grupo Antolin for about $525 million.
“We have Seating facilities, but those are separate from Interiors and therefore not part of the interiors sales agreement announced today,” Magna’s Tracy Furest said in an email, reported The Canadian Press.
The transaction, which involves the division responsible for instrument panels, door panels, overhead systems and components, includes 36 manufacturing operations and approximately 12,000 employees located in North America, Europe and Asia. According to the parties, the acquisition will nearly double the Antolin workforce and revenue compared with last year, after the agreement gets the necessary approvals.
The deal is part of Magna’s strategy to refine its product lineup to focus on key areas of automotive vehicles.
Ernesto Antolin, Antolin executive chair, said “We are very proud with this operation because we have found a very complementary business that fits perfectly well with ours.”
In Canada, Antolin’s website lists plants in Oshawa and Brampton, Ont., which are homes to assembly plants owned by General Motors and the parent of Chrysler.
“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 a statement.
— With files from David Paddon, The Canadian Press