FRANKFURT -- Porsche AG plans to sell its CTS car roof business to Magna International Inc. for 170 million euros, or about $200 million. Magna said it plans to pay cash for CTS.
CTS makes soft tops, hard tops and modular retractable hardtops. In addition to Porsche, CTS customers include DaimlerChrysler, Ferrari, Peugeot and General Motors.
Magna, of Aurora, Ontario, said CTS posted sales of about $400 million euros, or about $468 million, in 2004.