Auto parts company Magna International Inc. (TSX:MG) is moving to strengthen its electronics expertise in a deal with Philips & Lite-On Digital Solutions.
Under the agreement, the Canadian company will acquire PLDS's head-up display and electronic components business in Germany and the company's ultrasonic sensor business in Taiwan.
Financial terms of the agreement were not immediately available, but Magna said about 60 PLDS employees will join the auto parts maker.
The businesses acquired by Magna develop products including automotive wireless charging and head-up display technology as well as electro-mechanical devices.
Philips & Lite-On Digital Solutions Corp. is a joint venture company of Koninklijke Philips Electronics N.V. and Lite-On Technology Corp. based in Taiwan.
Its main business is optical disc drives for computers, game consoles and automotive systems.
This content appears as provided to The Globe by the originating wire service. It has not been edited by Globe staff.