JV to supply exterior components to Chinese market
SHANGHAI,
Feb. 3, 2014 /CNW/ - Magna
International Inc., through its Magna Exteriors operating unit, and
Chongquing Guangneng Rongneng Trim Co., Ltd., are pleased to
announce the formation of a 50/50 joint-venture partnership. The
newly formed JV, called Magna Guangneng Automotive Trim System
(Hangzhou) Co., Ltd., will begin
supplying the growing China
automotive market through a new greenfield facility located in
Hangzhou, China. The facility will
assemble and sequence front-end modules (FEMs).
"Magna Exteriors recognizes Chongquing's strong presence in the
China supply base, and, combined
with our expertise, we anticipate a successful and collaborative
team approach to support our customers," said Joe Pittel, Global President Magna Exteriors, Interiors and Seating. "Through
this new strategic partnership with Chongquing, and in recognition
of the growing China market, we
are continuing to expand our presence in the region."
"Magna Exteriors is the established leader in the design and
manufacture of automotive front-end modules, and we look forward to
a long and productive relationship with Magna in China," stated Xu Guanglun, President of
Chongquing Guangneng Rongneng Trim Co.
About Magna Exteriors
Magna Exteriors, an operating group of Magna International Inc., is
a full-service global supplier of automotive exterior systems. We
design, engineer and manufacture bumper fascia systems; exterior
trim; modular systems; class A body panels; structural components;
and under hood and underbody components for automotive, commercial
truck, consumer, and industrial markets.
About Magna International
We are a leading global automotive supplier with 316 manufacturing
operations and 84 product development, engineering and sales
centres in 29 countries. We have over 125,000 employees
focused on delivering superior value to our customers through
innovative processes and World Class Manufacturing. Our
product capabilities include producing body, chassis, interior,
exterior, seating, powertrain, electronic, vision, closure and roof
systems and modules, as well as complete vehicle engineering and
contract manufacturing. Our common shares trade on the
Toronto Stock Exchange (MG) and the New York Stock Exchange
(MGA). For further information about Magna, visit our website
at www.magna.com.
THIS RELEASE MAY CONTAIN STATEMENTS WHICH CONSTITUTE
"FORWARD-LOOKING STATEMENTS" UNDER APPLICABLE SECURITIES
LEGISLATION AND ARE SUBJECT TO, AND EXPRESSLY QUALIFIED BY, THE
CAUTIONARY DISCLAIMERS THAT ARE SET OUT IN MAGNA'S REGULATORY
FILINGS. PLEASE REFER TO MAGNA'S MOST CURRENT MANAGEMENT'S
DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL
POSITION, ANNUAL INFORMATION FORM AND ANNUAL REPORT ON FORM 40-F,
AS REPLACED OR UPDATED BY ANY OF MAGNA'S SUBSEQUENT REGULATORY
FILINGS, WHICH SET OUT THE CAUTIONARY DISCLAIMERS, INCLUDING THE
RISK FACTORS THAT COULD CAUSE ACTUAL EVENTS TO DIFFER MATERIALLY
FROM THOSE INDICATED BY SUCH FORWARD-LOOKING STATEMENTS. THESE
DOCUMENTS ARE AVAILABLE FOR REVIEW ON MAGNA'S WEBSITE AT
WWW.MAGNA.COM.
SOURCE Magna International Inc.