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Magna Announces Sale Of Global Fluid Pressure & Controls Business - Quick Facts

Magna International Inc. (MGA) announced its Powertrain unit has signed an agreement to sell its global Fluid Pressure & Controls business to Hanon Systems, a South Korea-based global supplier of thermal and energy management systems. The sale price is approximately $1.23 billion, before the assumption of net debt and pension liabilities at closing.

Magna's global FP&C business specializes in the design, manufacture and supply of mechanical and electronic pumps, electronic cooling fans, and other components. Sales in 2017 were $1.4 billion. Approximately 4,200 employees across 10 facilities in North America, Europe and Asia will transition to Hanon Systems.

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