By CRM Staff
Toronto, Ontario -- June 29, 2018 -- Canadian auto parts company Magna International has signed a deal to purchase OLSA S.P.A. for approximately $354 million US.
The Italian company, which manufactures automotive lighting products, has a customer base that includes the likes of the Volkswagen group, the BMW group, Daimler and FCA. OLSA is based in Italy and employs roughly 2,500 people with manufacturing operations in Italy, Poland, Brazil, China and Mexico.
Magna, a company that specializes in mobility technology, will grow into a global lighting supplier with the acquisition of OLSA. Magna will additionaly design, engineer and manufacture lighting products.
The deal, which requires regulatory approval and other standard closing conditions, is expected to close later this year.