Magna sells interiors business to Antolin

Magna

Magna International, North America’s largest automotive parts maker, has signed an agreement to sell substantially all of its interiors operations, excluding seating, to Spain’s Grupo Antolin for US$525m.

The purchase of the operations, excluding certain assets, is subject to customary closing adjustments for the value of new working capital and net debt at closing.

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.

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