Canadian parts giant Magna International Inc. is buying OLSA S.p.A., an Italian maker of automotive lighting products, for about $271 million.
Magna says the deal will make the company a global lighting supplier and expand its capability to design, engineer and manufacture headlamps, tail lamps and other lighting products.
"Lighting represents a growth area for Magna due to increasing levels of electronics integration and a desire for automakers to differentiate their vehicles through styling," Magna Lighting President John O'Hara .
OLSA is based in Turin, Italy, and employs about 2,500 people. It has plants in Italy, Poland, Brazil, China and Mexico. With the acquisition of OLSA, Magna will have a total of 11 lighting plants and two engineering centers globally.
Its customers include Volkswagen AG, BMW AG, Daimler AG and Fiat Chrysler Automobiles. OLSA posted about $280 million in sales in 2017.
Pending regulatory approval and other standard closing conditions, the deal is expected to be finalized before the end of 2018.