Magna International, a maker of automotive parts based in Aurora, Ontario Canada has signed a deal to acquire OLSA S.p.A. an Italian maker of automotive lighting. Magna produces auto body exteriors and structures, power and vision technologies for cars, as well as seating systems and complete vehicle solutions. Just last month the company formed two joint ventures with the Bejing Electric Vehicle company to develop, design, and produce premium electric vehicles for the Chinese market. Magna Lighting, the lighting business of Magna International produces front and rear automotive exterior LED lighting.
According to Magna, the acquisition will expand the company’s lighting capabilities to enable the company to design and manufacture headlamps, tail lamps and other lighting products in key regions around the world. The transaction is valued at about €230 million on a cash- and debt-free basis Pending regulatory approval and other standard closing conditions, the deal is expected to be finalized before the end of 2018.
OLSA Supplies Lighting Products to Auto Makers
OLSA, which is headquartered in Turin, Italy, supplies lighting products to automakers. The company employs about 2,500 people and manages manufacturing operations in Italy, Poland, Brazil, China and Mexico. Customers of OLSA include the BMW Group, the Volkswagen Group, Daimler, and FCA.
“OLSA brings Magna advanced technology that will enhance our portfolio of distinctive, feature-rich lighting products,” said John O’Hara, President of Magna Lighting. “Lighting represents a growth area for Magna due to increasing levels of electronics integration and a desire for automakers to differentiate their vehicles through styling.”
With the acquisition of OLSA, Magna will have a total of 11 lighting manufacturing facilities and two engineering centers globally.