Magna International to buy lighting products maker Olsa for $267mn

Canadian auto parts supplier Magna International Inc said on Thursday it would buy Italian company Olsa SpA for 230 million euros ($267 million), to expand its automobile lighting business.

Turin-based Olsa supplies lighting products to car makers such as Volkswagen and BMW.

"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," John O'Hara, president of Magna Lighting, said.

Magna will have a total of 11 lighting manufacturing facilities after the Olsa deal, which is expected to close by the end of 2018.

Earlier this month, Magna said it would set up two joint ventures with Beijing Electric Vehicle Co to build electric cars in China.