230 million euros Magna acquires OLSA to expand lighting business
On June 28th, local time, Magna announced that it has been with OLSA S. p. A. An agreement was signed to expand Magna's lighting business capabilities to design and produce vehicle headlights, taillights and other lighting products in key regions of the world.
The acquisition is based on cash and debt-free, with a transaction value of nearly 230 million euros. It is subject to regulatory approval and is expected to be completed by the end of 2018. After Magna acquired OLSA, it will have 11 lighting production bases and two engineering centers around the world.
Automotive lighting product supplier OLSA is headquartered in Turin, Italy, employs approximately 2,500 people and has manufacturing operations in Italy, Poland, Brazil, China and Mexico. The company's sales in 2017 reached 242 million euros, and its customers include Volkswagen Group, BMW Group, Daimler and Fiat Chrysler.
John O'Hara, President of Magna Lighting, said, "OLSA brings advanced technology to Magna and will enhance our distinctive and feature-rich lighting portfolio. As the level of electronic integration continues to increase, both automakers I hope to differentiate their cars by styling, which is a growth area for Magna."
Earlier this month, Magna said it will establish two joint ventures with Beijing Electric Vehicle Co., Ltd. to produce electric vehicles in China.
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