Magna International Inc announced that it has signed an agreement to sell substantially all of its interiors operations to Grupo Antolin.

Grupo Antolin is a global supplier of automotive interior systems.

The deal is estimated at approximately $525 million. However, the purchase price is 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.  Magnas seating business is not included in this transaction.

This transaction is consistent with our strategy of refining our product portfolio to focus on certain key areas of the vehicle, comments Don Walker, Magnas Chief Executive Officer. In addition, we are very pleased to have reached an agreement with an established company that we believe will be well-positioned globally in the interiors business.   We are confident that Grupo Antolin will continue to serve our interiors customers and provide to our interiors employees a solid foundation for the future.

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

SOURCE Magna International