AURORA, ONTARIO - Canadian auto supplier Magna International Inc. is preparing its interiors unit for independence.
The Aurora manufacturer filed the paperwork July 6 with Canadian and U.S. authorities to create Intier Automotive Inc. with an initial public offering of C$100 million (US$65.6 million) worth of stock. The company will debut in late July or early August.
Magna will own a controlling interest in Intier, which has about $3 billion in annual sales, 20,000 employees and 62 manufacturing facilities globally.
The firm had announced in February that it would spin off its interiors unit and Magna Steyr, which produces chassis systems. The move follows a pattern set by Magna's other divisions, Decoma International Inc. and Tesma International Inc. Intier's plastics-intensive operations produce instrument panels, interior trim, electronics and seating.