September 20, 2018 / 9:14 AM / a year ago

CORRECTED-S.Korea's Hanon to buy Magna's Fluid Pressure & Controls Group for $1.23 bln

(Corrects the description of the Magna business to be sold in headline and first sentence)

SEOUL, Sept 20 (Reuters) - Hanon Systems, a South Korean auto parts maker, said on Thursday that it plans to buy Magna International’s Fluid Pressure & 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 line-up for electric vehicles. (Reporting by Hyunjoo Jin; Editing by Himani Sarkar)

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