Business
Magna acquires business units of Philips & Lite-On Digital Solutions
Further strengthens electronics portfolio SAILAUF, Germany , Feb. 3, 2015 /CNW/ -
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About this update from Magna International Inc.
[{"type":"text","content":"\n\n\nFurther strengthens electronics portfolio\n\n\n\nSAILAUF, Germany, Feb. 3, 2015 /CNW/ - Magna International Inc., a leader in cameras, driver assistance systems and related electronics components, today announced that it has acquired the head-up display and electronic components business units of Philips & Lite-On Digital Solutions (PLDS) in Wetzlar, Germany, as well as PLDS' ultrasonic sensor business in Hsinchu, Taiwan.\n\nThe transaction is aimed at strengthening Magna's electronics engineering capabilities in Europe.  Acquiring these business units furthers the company's goal of growing its electronics portfolio and delivering a variety of connected car technologies to the market. As part of the transaction, approximately 60 PLDS employees will join Magna. \n\n\"The acquired PLDS businesses are a strategic addition to our portfolio which will further strengthen our already innovative approach to driver assistance systems with regards to product capability and technology,\" said Olaf Bongwald, Vice President of Magna Electronics. \"We are pleased to welcome the PLDS employees to the Magna Electronics global team.\" \n\nPLDS is a leader in digital convergence.  Its automotive business units in Wetzlar and Hsinchu develop products in the areas of automotive wireless charging, head-up display technology and connectivity, as well as various electro-mechanical devices. \n\nTerms of the acquisition are not being disclosed.\n\nAbout Magna InternationalWe are a leading global automotive supplier with 313 manufacturing operations and 84 product development, engineering and sales centres in 28 countries. We have over 131,000 employees focused on delivering superior value to our customers through innovative processes and World Class Manufacturing. Our product capabilities include producing body, chassis, interior, exterior, seating, powertrain, electronic, vision, closure and roof systems and modules, as well as complete vehicle engineering and contract manufacturing. Our common shares trade on the Toronto Stock Exchange (MG) and the New York Stock Exchange (MGA). For further information about Magna, visit our website at www.magna.com. \n\nTHIS RELEASE MAY CONTAIN STATEMENTS WHICH CONSTITUTE \"FORWARD-LOOKING STATEMENTS\" UNDER APPLICABLE SECURITIES LEGISLATION AND ARE SUBJECT TO, AND EXPRESSLY QUALIFIED BY...