AURORA, ON, Sept. 29, 2017 /CNW/ - Magna International
Inc. (TSX: MG; NYSE: MGA) today announced that it has reached a
settlement agreement with the plaintiffs in the KS Centoco Ltd.
("KS Centoco") legal proceedings. Under the settlement agreement,
Magna will relinquish its 23% equity interest in KS Centoco and pay
CAD$25 million in exchange for a full
and final release of all claims. Although the full terms of the
settlement agreement are subject to confidentiality restrictions,
the impact of the settlement on Magna's financial condition and
results of operations is not significant.
OUR BUSINESS (1)
We are a leading global
automotive supplier with 327 manufacturing operations and 100
product development, engineering and sales centres in 29 countries.
We have over 161,000 employees focused on delivering superior value
to our customers through innovative products and processes, and
world class manufacturing. We have complete vehicle engineering and
contract manufacturing expertise, as well as product capabilities
which include body, chassis, exterior, seating, powertrain, active
driver assistance, vision, closure and roof systems and have
electronic and software capabilities across many of these areas.
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.
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(1) Manufacturing operations, product development,
engineering and sales centres and employee figures include certain
equity-accounted operations.
SOURCE Magna International Inc.