Magna may sell global exterior operations to Decoma

AURORA, Ontario (May 18)—Magna International Inc. and Decoma International Inc. have entered a non-binding agreement for Decoma to purchase the European exterior parts units of Magna Exterior Systems group and Magna´s majority interest in Decoma Exterior Trim Inc. The two companies are negotiating terms of the acquisitions which are subject to the approval of Magna´s shareholders. Magna spun off Decoma International in 1998 but retained majority control of it. The agreement is in keeping with Magna´s plan to restructure its operating groups along global product lines, Magna said in a written release.