AURORA, Ont. - Magna International Inc. (MG.TO) 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 Ontario-based 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.

Magna has 309 manufacturing operations and 99 product development, engineering and sales centres in 29 countries. In total, it employs more than 152,000 people.