Magna acquires Spanish company Viza Geca
Magna has agreed to acquire Viza Geca SL of Spain, which operates four production facilities and had sales of EUR 125 million in 2017. The acquisition is expected to close by the end of the first quarter 2019, pending regulatory approval.
Viza, with current customers including VW, PSA and Renault Nissan, brings seat-structure expertise and a portfolio of products including patented floor-latch systems and foldable seats. The company’s 73 years of expertise is expected to help Magna further develop reconfigurable seating solutions in the new mobility landscape.
“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.”
Once the deal is approved, Magna will take over Viza’s two facilities in Europe (Spain and Czech Republic), as well as one in each of Morocco and Mexico, and will welcome over 1,100 employees. Magna’s seating business currently includes six R&D centres and 50 manufacturing operations around the globe.