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Magna To Buy Majority Ownership Of Honglizhixin - Quick Facts

(RTTNews) - Automotive supplier Magna International Inc. (MG.TO, MGA) said Thursday that it has signed an agreement to buy majority ownership of Honglizhixin, a major seat supplier to Chinese automakers.

Magna will also acquire a majority stake in its existing seating joint venture with Honglizhixin.

Magna has signed a shareholder agreement and share purchase agreement and plans to finalize the deals by the beginning of 2021.

The two companies currently operate a 50/50 joint venture formed in 2015.

The current Magna- Honglizhixin joint venture includes two manufacturing plants.
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