Automotive supplier Magna acquires lighting manufacturer OLSA for €230 million ($266 million) in cash.
The acquisition, expected to be finalized before year’s end, “will expand the company’s lighting capabilities to enable it to design, engineer and manufacture headlamps, taillamps and other lighting products in every key region of the world,” Aurora, ON, Canada-based Magna says in a news release.
OLSA, headquartered in Turin, Italy, employs about 2,500 people and has manufacturing operations in Italy, Poland, Brazil, China and Mexico. With 2017 sales of €242 million ($280 million), customers include Volkswagen Group, BMW Group, Daimler and Fiat Chrysler Automobiles.
“OLSA brings Magna advanced technology that will enhance our portfolio of distinctive, feature-rich lighting products,” says 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 acquisition of OLSA will give Magna a global total of 11 lighting manufacturing facilities and two engineering centers.