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
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.
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