Saturday 15 December 2018
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todayonline - 3 month ago

South Korea s Hanon to buy Magna s auto electronics business for $1.23 billion

SEOUL - Hanon Systems 018880.KS , a South Korean auto parts maker, said on Thursday that it plans to buy Magna International s MG.TO Fluid Pressure Controls Group, an auto electronics business, for about $1.23 billion. Hanon said the deal marks one of the biggest acquisitions of an overseas car parts maker by a South Korean company, and aims to boost its product line-up for electric vehicles. REUTERS

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