Magna International pronounced it skeleton to sell a tellurian liquid vigour and controls section to South Korea’s Hanon Systems for about $1.23 billion.
Hanon pronounced a understanding outlines one of a biggest acquisitions of an abroad retailer by a South Korean company, and aims to boost a product lineup for electric vehicles.
Magna pronounced a tellurian liquid pressures and controls business produces automatic and electronic pumps, electronic cooling fans and other components. The section generated $1.4 billion in income in 2017. Magna pronounced about 4,200 employees during 10 operations in North America, Europe and Asia will transition to Hanon Systems.
“With this transaction, Magna’s powertrain business will continue to concentration on bringing energy to a wheels as a full-system retailer of delivery and other driveline-related systems, including electrified versions,” Magna pronounced in a statement.
The transaction is approaching to tighten during a initial entertain of 2019, a matter said.
Reuters contributed to this report
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