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Grupo Antolin Finalizes Purchases of Magna’s Interiors Unit
Spain's Grupo Antolin has completed its acquisition of Magna International Inc. vehicle interiors business for about €467 million.
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Spain's Grupo Antolin has completed its acquisition of Magna International Inc. vehicle interiors business for about €467 million. The companies announced the deal, which does not include Magna's seating operations, in April.
The transaction will approximately double Grupo Antolin's annual revenue. The sale includes 36 plants in Asia, Europe and North America. Last year those facilities employed 12,000 people and generated $2.4 billion (€2.1 billion) in sales of door panels and cockpit assemblies.
Magna says it also expects to complete the sale of two Chinese interiors joint ventures to Grupo Antolin by year-end, pending regulatory approvals. The Spanish company currently makes vehicle door assemblies, seating, lighting packages and roof liner modules.
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