Magna Buys Italian Lighting Supplier OLSA

Canada’s Magna International Inc. has agreed to buy OLSA SpA, a Turin-based supplier of advanced front and rear lighting systems.

The €230 million ($267 million) cash deal is expect to be completed before the end of 2018. The acquisition will expand Magna’s lighting-related production operations to 11 factories and two engineering centers.

The move also expands Magna’s reach into a growth market for lighting products that contain increasing levels of electronics.

OLSA supplies LED and OLED lighting modules to BMW, Daimler, Fiat Chrysler Automobiles and Volkswagen Group. The company, whose name stands for ‘optical lighting systems automotive,” operates facilities in Brazil, China, Italy, Mexico and Poland.