Innovative Canadian automotive firm Magna International has agreed to acquire Italian lighting parts manufacturer OLSA in a deal valued at CAD$354mn.
The acquisition of OLSA will allow Magna to expand its operational portfolio through the design, engineer and manufacture headlamps, tail lamps and other automotive lighting products across a range of global markets.
“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.”
The Italian firm that employs 2,500 people globally recorded €242mn (CAD$371mn) in sales last year, serving the likes of VW, BMW, Daimler and FCA.
The deal will raise Magna’s total number of lighting manufacturing facilities to 11, alongside two engineering centres, across a number of countries including Poland, Brazil, China and Mexico.
The transaction is expected to complete before the year’s end, subject to regulatory approval.