Magna To Acquire VIZA Geca In Spain - Quick Facts

(RTTNews) - Magna International Inc. (MGA, MG.TO) announced it signed an agreement to acquire VIZA Geca SL of Spain. VIZA, with current customers including VW, PSA and Renault Nissan, has a portfolio of products including patented floor-latch systems and foldable seats.

Magna said, once the deal is approved, it 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.

"We have been strategic and deliberate in growing our seating business, especially with our structural products, which require higher levels of capital investment. VIZA's deep expertise and footprint give us added support to grow, especially in Europe, and strengthen our competitive position," said Mike Bisson, President Magna Seating.