Automakers will soon have a familiar name to source lighting
products on a global scale: Magna International. Magna has
signed a deal to acquire OLSA S.p.A., which will expand the
company’s lighting capabilities to enable it to design, engineer
and manufacture headlamps, tail lamps and other lighting products
in every key region of the world. The transaction value on a
cash- and debt-free basis is approximately €230 million.
Pending regulatory approval and other standard closing conditions,
the deal is expected to be finalized before the end of 2018.
OLSA, with headquarters in Turin, Italy, supplies automakers
with lighting products. The company employs approximately 2,500
people and maintains manufacturing operations in Italy, Poland,
Brazil, China and Mexico. With 2017 sales of €242 million,
customers include the Volkswagen Group, the BMW 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 centres
globally.
TAGSAutomotive lighting, headlamps, tail lamps, automotive
M&A
INVESTOR CONTACTLouis Tonelli, Vice-President, Investor
Relations louis.tonelli@magna.com, (+1) 905.726.7035
MEDIA CONTACTTracy Fuerst, Global Director of Corporate
Communications & PRtracy.fuerst@magna.com, (+1)
248.631.5396
ABOUT MAGNA We have more than 172,000 entrepreneurial-minded
employees dedicated to delivering mobility solutions. We are a
mobility technology company and one of the world's largest
automotive suppliers with 340 manufacturing operations and 93
product development, engineering and sales centres in 28 countries.
Our competitive capabilities include body exteriors and structures,
power and vision technologies, seating systems and complete vehicle
solutions. Our common shares trade on the Toronto Stock Exchange
(MG) and the New York Stock Exchange (MGA). For further information
about Magna, visit www.magna.com.
FORWARD-LOOKING STATEMENTS We disclose "forward-looking
information" or "forward-looking statements" (collectively,
"forward-looking statements") to provide information about
management's current expectations and plans. Such forward-looking
statements may not be appropriate for other purposes.
Forward-looking statements may include financial and other
projections, as well as statements regarding our future plans,
objectives or economic performance, or the assumptions underlying
any of the foregoing, and other statements that are not recitations
of historical fact. We use words such as "may", "would", "could",
"should", "will", "likely", "expect", "anticipate", "believe",
"intend", "plan", "aim", "forecast", "outlook", "project",
"estimate", "target" and similar expressions suggesting future
outcomes or events to identify forward-looking statements.
Forward-looking statements in this press release include, but
are not limited to, statements related to: timing of completion of
the acquisition; the expected benefits of the acquisition,
including expansion of Magna’s lighting capabilities and
enhancement of Magna’s lighting product portfolio; and total number
of lighting manufacturing facilities and engineering centres,
following completion of the acquisition.
Our forward-looking statements are based on information
currently available to us, and are based on assumptions and
analyses made by us in light of our experience and our perception
of historical trends, current conditions and expected future
developments, as well as other factors we believe are appropriate
in the circumstances. While we believe we have a reasonable basis
for making such forward-looking statements, they are not a
guarantee of future performance or outcomes. Whether actual results
and developments conform to our expectations and predictions is
subject to a number of risks, assumptions and uncertainties, many
of which are beyond our control, and the effects of which can be
difficult to predict, including, without limitation: regulatory
approval risks; and acquisition integration risks.
In evaluating forward-looking statements or forward-looking
information, we caution readers not to place undue reliance on any
forward-looking statement, and readers should specifically consider
the various factors which could cause actual events or results to
differ materially from those indicated by such forward-looking
statements, including the risks, assumptions and uncertainties
above which are discussed in greater detail in this document under
the section titled "Industry Trends and Risks" and set out in our
Annual Information Form filed with securities commissions in Canada
and our annual report on Form 40-F filed with the United States
Securities and Exchange Commission, and subsequent filings.
Two photos accompanying this announcement are
available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/410d434c-4233-4f4c-872e-135468cc134d
http://www.globenewswire.com/NewsRoom/AttachmentNg/4ea4e40e-1d70-445c-9c40-1f9f2e1bc33d
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