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Enter Symbol
or Name
USA
CA



Magna International Inc
Symbol MG
Shares Issued 410,624,820
Close 2015-04-16 C$ 66.52
Market Cap C$ 27,314,763,026
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Globe says Magna Int'l sells its interior business

2015-04-17 08:05 ET - In the News

The Globe and Mail reports in its Friday, April 17, edition that Magna International is exiting the highly competitive and low profit margin automotive interiors business as part of its strategy to narrow its product range and focus on the chunks of a vehicle that generate healthier returns. The Globe's Greg Keenan writes that the interiors business, which includes door and instrument panels, overhead systems and cargo management parts, but excludes Magna's seating and lighting businesses, will be purchased by Grupo Antolin of Spain for $535-million (U.S.). The operations generated $2.4-billion (U.S.) in revenue for Magna last year, but no profit figures were released. The sale is the second divestiture by Magna this year. Magna sold its battery business to Samsung SDI of South Korea in February. The interiors division's sales represented about 7 per cent of Magna's total revenue of $36.6-billion (U.S.) last year. The division was built up mainly through a series of acquisitions. It competed against such giants as Johnson Controls, Lear and Faurecia of France that are specialists in interiors as well as seating. This deal is likely to be seen as positive, says BMO analyst Peter Sklar.

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