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Magna to acquire BOCO Group, two factories that make automotive latches, hinges

Investors enter Magna’s annual meeting in this file photo.

Fred Lum/Fred Lum/The Globe and Mail

Magna International Inc. will increase its capacity to make automotive latches, hinges and other closure components through the purchase of the BOCO Group of Companies, in a transaction announced Monday.

The Ontario-based auto parts company didn't disclose the purchase price but said BOCO has annual sales of more than $148-million and employs 450 people at operations in Germany and China.

The deal is expected to close in the third quarter of 2016.

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Magna has 309 manufacturing operations and 99 product development, engineering and sales centres in 29 countries. In total, it employs more than 152,000 people.

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