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Canadian auto parts-maker Magna to acquire Spanish seating company Viza

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Canadian auto parts-maker Magna to acquire Spanish seating company Viza

Canadian auto parts-maker Magna International Inc. signed an agreement to acquire Spanish seating system developer Viza Geca SL in a bid to further enhance its capability in the field.

The transaction is expected to close by the first quarter of 2019, subject to regulatory approval, according to a Dec. 18 news release.

Upon deal completion, Magna will acquire Viza's production facilities in Spain, Czech Republic, Morocco and Mexico and absorb over 1,100 employees.

Viza's current customer roster includes Volkswagen AG, Renault SA, Nissan Motor Co. Ltd. and Peugeot SA.