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.