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Asia-Pacific Business Magna selling unit to South Korea’s Hanon for $1.23-billion

Hanon Systems, a South Korean auto parts maker, said on Thursday that it plans to buy Magna International Inc.’s fluid pressure and controls group, which includes electronic pumps and cooling fans, for about $1.23-billion.

Hanon said the deal marks one of the biggest acquisitions of an overseas car-parts business by a South Korean company, and aims to boost its product lineup for electric vehicles.

Editor’s note: An earlier version of this article stated that the Fluid Pressure and Controls Group is part of Magna’s electronics business. In fact, it is part of the powertrain business.
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