Magna strengthens electronics portfolio via acquisition
Magna International Inc., a leader in cameras, driver assistance systems and related electronics components, has acquired the head-up display and electronic components business units of Philips & Lite-On Digital Solutions (PLDS) in Wetzlar, Germany, as well as PLDS’ ultrasonic sensor business in Hsinchu, Taiwan.
The transaction is aimed at strengthening Magna’s electronics engineering capabilities in Europe. Acquiring these business units furthers the company’s goal of growing its electronics portfolio and delivering a variety of connected car technologies to the market. As part of the transaction, approximately 60 PLDS employees will join Magna.
“The acquired PLDS businesses are a strategic addition to our portfolio which will further strengthen our already innovative approach to driver assistance systems with regards to product capability and technology,” said Olaf Bongwald, vice-president of Magna Electronics. “We are pleased to welcome the PLDS employees to the Magna Electronics global team.”
PLDS is a leader in digital convergence. Its automotive business units in Wetzlar and Hsinchu develop products in the areas of automotive wireless charging, head-up display technology and connectivity, as well as various electro-mechanical devices.
Terms of the acquisition are not being disclosed.