AURORA, ON, Sept. 29, 2017 /PRNewswire/ - 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.