AURORA, Ont. — Magna International Inc. has signed a deal to buy Spanish company Viza Geca SL, which specializes in automotive seating.
Financial terms of the deal were not immediately available.
The Canadian auto parts company says Viza adds expertise and a portfolio of products including patented floor-latch systems and foldable seats.
Viza’s current customers include Volkswagen, PSA and Renault Nissan. The 73-year-old company’s portfolio of products including patented floor-latch systems and foldable seats. The company had sales of $190 million in 2017.
"We have been strategic and deliberate in growing our seating business, especially with our structural products, which require higher levels of capital investment," said Mike Bisson, President Magna Seating. “Viza’s deep expertise and footprint give us added support to grow, especially in Europe, and strengthen our competitive position."
Just last week in Detroit, in a preview of its plans for CES in January, Magna showcased several of flexible seating positions — and the ease involved in changing them. The company from Aurora, Ont., has designed vehicle interiors that can be configured with the touch of a smartphone screen.
Under the agreement to buy Viza, Magna will acquire factories in Spain, the Czech Republic, Morocco and Mexico.
The company will also add more than 1,100 employees.
The deal is expected to close in the first quarter of next year, pending regulatory approval.
The Canadian Press contributed to this report.