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Magna sells its fluid pressure and controls business for USD1.23 billion

October 11/2018

MOSCOW (MRC) -- The powertrain unit of automotive parts supplier Magna International Inc. is selling its global fluid pressure and controls (FP&C) business to Hanon Systems, a South Korea-based global supplier of thermal and energy management systems for USD1.23 billion, said Canplastics.

Magnas global FP&C business specializes in the design, manufacture and supply of mechanical and electronic pumps, electronic cooling fans, and other components. The business reported sales of USD1.4 billion in 2017.

The businesss approximately 4,200 workers across 10 facilities in North America, Europe, and Asia will transition to Hanon Systems.

"With this transaction, Magnas powertrain business will continue to focus on bringing power to the wheels as a full-system supplier of transmission and other driveline-related systems, including electrified versions," Aurora, Ont.-based Magna said in a statement.

The transaction is expected to close in the first quarter of 2019.
Author:Anna Larionova
Tags:petroleum products, petrochemistry.
Category:General News
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