AURORA, ON, Aug. 25 /PRNewswire-FirstCall/ -- Magna International Inc. ("Magna") (TSX: MG.A, MG.B; NYSE: MGA) today announced that it has purchased the Magna Golf Club located in Aurora, Ontario from a subsidiary of Magna Entertainment Corp. ("MEC") for proceeds of approximately CDN $50 million, subject to various closing and other adjustments.
The transaction was reviewed by a Special Committee of, and subsequently approved by the independent members of, Magna's Board of Directors.
Magna International, the most diversified automotive supplier in the world, designs, develops and manufactures automotive systems, assemblies, modules and components, and engineers and assembles complete vehicles, primarily for sale to original equipment manufacturers of cars and light trucks in North America, Europe, Asia and South America. Magna's capabilities include the design, engineering, testing and manufacture of automotive interior and closures systems; metal body and structural systems; exterior and interior mirror and engineered glass systems; exterior systems including front and rear end modules, plastic body panels, exterior trim and other systems; various powertrain and drivetrain systems; as well as complete vehicle engineering and assembly.
Magna has over 84,000 employees in 228 manufacturing operations and 64 product development and engineering centers in 23 countries.
