Magna to acquire BOCO Group

Magna International Inc. will increase its capacity to make automotive latches, hinges and other closure components through the purchase of the BOCO Group of Companies, in a transaction announced Monday. The Ontariobased auto parts company didn’t disclose the purchase price but said BOCO has annual sales of more than $148 million and employs 450 people at operations in Germany and China. The deal is expected to close in the third quarter of 2016.