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Magna in Talks to Sell Interiors Operations to Grupo Antolin
Canada's Magna International Inc. may sell all or part of its vehicle interiors business to Spain's Grupo Antolin, sources tell Bloomberg News.
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Canada's Magna International Inc. may sell all or part of its vehicle interiors business to Spain's Grupo Antolin, sources tell Bloomberg News.
It isn't clear how soon a deal could be reached, exactly what Magna is selling or whether its interest will generate rival bids.
The Magna unit generates about $3 billion (€2.8 billion) in annual sales of door panels and cockpit assemblies to carmakers. Grupo Antolin is a €2.7 billion supplier of door assemblies, seating, lighting packages and roof liner modules.
Bloomberg notes that a deal would help the Spanish company achieve its goal of becoming the world's largest supplier of automotive interiors. A sale also would allow Magna to focus more heavily on its powertrain, electronics and vehicle battery systems.
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