Magna International, Which Owns Innertech, Sells Interiors Operations Part

Magna International Incorporated, which owns Innertech in Nashville, announced yesterday that it has signed an agreement to sell substantially all of its interiors operations to Grupo Antolin, a leading global supplier of automotive interior systems.  The purchase price for the operations, excluding certain assets, is approximately $525 million, 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, including the plant on the north side of Nashville.  Don Walker, Magna’s Chief Executive Officer commented, ” 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.