Magna International to buy Spanish automotive seat maker Viza Geca SL
Under the agreement, Magna will acquire factories in Spain, the Czech Republic, Morocco and Mexico.0
AURORA, Ont. – Magna International Inc. has signed a deal to buy Spanish company Viza Geca SL, which specializes in automotive seating.
Financial terms of the deal were not immediately available.
The Canadian auto parts company says Viza adds expertise and a portfolio of products including patented floor-latch systems and foldable seats.
Under the agreement, Magna will acquire factories in Spain, the Czech Republic, Morocco and Mexico.
The company will also add more than 1,100 employees.
Viza’s current customers include VW, PSA, and Renault Nissan. They posted sales of €125 million in 2017
The deal is expected to close in the first quarter of next year, pending regulatory approval.News from © Canadian Press Enterprises Inc. 2016