Magna To Sell Substantially All Of Interiors Operations To Grupo Antolin

(RTTNews) - Magna International Inc. (MGA, MG.TO) announced that it agreed to sell substantially all of its interiors operations to Grupo Antolin, a supplier of automotive interior systems. The purchase price for the operations, excluding certain assets, is approximately $525 million, subject to customary closing adjustments for the value of net working capital and net debt at closing.

The transaction includes 36 manufacturing operations and approximately 12,000 employees located in Europe, North America and Asia. Full year 2014 total sales for the operations included in the agreement were approximately $2.4 billion. Magna's seating business is not included in this transaction.

The transaction is expected to close in the third quarter of 2015, subject to a number of customary conditions, including antitrust approvals.