AP NEWS

Magna Acquires VIZA Geca to Bolster Its Seating Capabilities

December 18, 2018

-- VIZA brings additional seating structures expertise and increases our vertical integration capabilities in seating -- Acquisition supports growth opportunities, strengthens competitive position -- Magna to add four facilities and more than 1,100 employees

AURORA, Ontario, Dec. 18, 2018 (GLOBE NEWSWIRE) -- Delivering future-ready seating solutions that enable added functionality is key as new mobility changes the way consumers use their vehicles. This kind of functionality starts with the seat structure itself. To further enhance Magna’s capabilities in this area, the company signed an agreement to acquire VIZA Geca SL of Spain, which operates four production facilities and had sales of €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. VIZA’s 73 years of expertise will 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 add 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, recognized by automakers and end consumers for its innovation and quality, includes six R&D centers and 50 manufacturing operations around the globe.

TAGSAutomotive seating, automotive seat systems, Magna seating

INVESTOR CONTACTLouis Tonelli, Vice-President, Investor Relations louis.tonelli@magna.com, (+1) 905.726.7035

MEDIA CONTACTTracy Fuerst, Global Director of Corporate Communications & PR tracy.fuerst@magna.com, (+1) 248.631.5396

ABOUT MAGNAWe have more than 173,000 entrepreneurial-minded employees dedicated to delivering mobility solutions. We are a mobility technology company and one of the world’s largest automotive suppliers with 340 manufacturing operations and 89 product development, engineering and sales centres in 27 countries. Our competitive capabilities include body exteriors and structures, power and vision technologies, seating systems and complete vehicle solutions. Our common shares trade on the Toronto Stock Exchange (MG) and the New York Stock Exchange (MGA). For further information about Magna, visit www.magna.com.

THIS RELEASE MAY CONTAIN STATEMENTS WHICH CONSTITUTE “FORWARD-LOOKING STATEMENTS” UNDER APPLICABLE SECURITIES LEGISLATION AND ARE SUBJECT TO, AND EXPRESSLY QUALIFIED BY, THE CAUTIONARY DISCLAIMERS THAT ARE SET OUT IN MAGNA’S REGULATORY FILINGS. PLEASE REFER TO MAGNA’S MOST CURRENT MANAGEMENT’S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL POSITION, ANNUAL INFORMATION FORM AND ANNUAL REPORT ON FORM 40-F, AS REPLACED OR UPDATED BY ANY OF MAGNA’S SUBSEQUENT REGULATORY FILINGS, WHICH SET OUT THE CAUTIONARY DISCLAIMERS, INCLUDING THE RISK FACTORS THAT COULD CAUSE ACTUAL EVENTS TO DIFFER MATERIALLY FROM THOSE INDICATED BY SUCH FORWARD-LOOKING STATEMENTS. THESE DOCUMENTS ARE AVAILABLE FOR REVIEW ON MAGNA’S WEBSITE AT WWW.MAGNA.COM.

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/65200239-8223-46e0-85e9-72e7f8ad2c8e

AP RADIO
Update hourly