MAGNA INTERNATIONAL TO BUY GERMAN FIRM

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MARKHAM, ONTARIO — Magna International Inc. plans to expand its European auto interiors business by acquiring Georg Naher GmbH, a German firm with four plants in Germany, Belgium and Spain.

Georg Naher makes trunk linings, interior panels and multi-functional carpet and sound insulation systems for Mercedes Benz, Volkswagen, Opel, BMW and other cars. Markham-based Magna said it expects the firm to have annual sales of about C$185 million (US$135 million). Magna plans to finalize the deal by March 31. It did not disclose terms of its agreement in principle.