Magna International Inc today announced it has signed a deal to acquire OLSA S.p.A., in order to expand the former’s automotive lighting business. Acquisition of OLSA will provide Magna with capabilities to design, engineer and manufacture headlamps, tail lamps and other lighting products in every key region of the world, the company noted. The transaction value on cash and debt-free basis is at about € 230 mn. The acquisition is expected to be completed before the end of 2018, pending regulatory approval and other standard closing conditions.
OLSA supplies automakers with advanced exterior lighting products, and is headquartered in Turin, Italy. The acquisition of OLSA will result in Magna having a total of 11 lighting manufacturing facilities and two engineering centres, globally. OLSA employs about 2,500 people and maintains manufacturing operations in Italy, Poland, Brazil, China and Mexico. It reported sales to the tune of € 242 mn in 2017, with customers including the Volkswagen Group, BMW Group, Daimler and Fiat Chrysler Automobiles.
John O’Hara, President, Magna Lighting, said OLSA brings to the company advanced technology that will enhance its portfolio of distinctive, feature-rich lighting products. 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, he added.