Magna to sell car interiors business to Grupo Antolin for $545M

Car parts maker Magna has agreed to sell its car interior business to a Spanish company for $545 million.

Ontario-based Magna announced the deal with Grupo Antolin in a release on Thursday. The unit in question had $2.4 billion in sales last year, andincludes 36 manufacturing operations and approximately 12,000 employees located inEurope,North Americaand Asia.

The part of Magna's business that deals with seating is not included, Magna specified. "This transaction is consistent with our strategy of refining our product portfolio to focus on certain key areas of the vehicle," Magna CEO Don Walker said.

Magna said it plans to build a strong relationship with its new partner. "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 thatGrupo Antolinwill continue to serve our interiors customers and provide to our interiors employees a solid foundation for the future," Walker said.

The deal is expected to close in the third quarter, subject to regulatory and shareholder approval.