Joint venture provides global support for Korean automaker
AURORA, ON, Jan. 16 /CNW/ - Cosma International, an operating unit of
Magna International Inc. and a leading global automotive metalforming
supplier, and its joint-venture partner Shin Young Metal Ind. Co., a
Korea-based automotive supplier, today announced a major new-business award
from Hyundai Motor Corporation.
Cosma and Shin Young Metal will supply major stampings and welded
assemblies to Hyundai's new assembly plant in St. Petersburg, Russia, which,
is expected to be operational in 2010. Cosma and Shin Young Metal will supply
Hyundai from a greenfield manufacturing facility to be built in close
proximity to the Hyundai assembly plant.
Jim Tobin, Magna International's Executive Vice President of Business
Development and President of Magna Asia, said, "This new business with Hyundai
shows the joint venture between Cosma and Shin Young Metal effectively
supports the global expansion of our OEM partners. We look forward to
supporting the growth of Hyundai and the Russian automotive market through our
combined global footprint and expertise."
"Shin Young Metal and Cosma are excited about this tremendous opportunity
and are committed to providing best-in-class support to Hyundai," commented
Mr. Ho Gap Kang, CEO of Shin Young Metal.
About Shin Young Metal
Shin Young Metal was established 30 years ago and has become a key player
in the Korean automotive industry. Shin Young and its related companies are
involved in stamping and assembly, tool and die design, construction, try-out,
and production and assembly of automotive components.
Cosma International (www.cosma.com), an operating unit of Magna
International, manufactures a comprehensive range of metal body systems,
components, assemblies and modules including complete vehicle frames, chassis
systems and body-in-white systems using a variety of innovative processes
including hydroforming, stamping and roll forming. Cosma has 37 manufacturing
facilities and 12 product development and engineering centers worldwide.
About Magna International
Magna is the most diversified automotive supplier in the world. Magna
designs, develops and manufactures automotive systems, assemblies, modules and
components, and engineers and assembles complete vehicles, primarily for sale
to original equipment manufacturers of cars and light trucks in North America,
Europe, Asia, South America and Africa. Magna's capabilities include the
design, engineering, testing and manufacture of automotive interior systems;
seating systems; closure systems; metal body and chassis systems; vision
systems; electronic systems; exterior systems; powertrain systems; roof
systems; as well as complete vehicle engineering and assembly.
Magna has approximately 83,000 employees in 240 manufacturing operations
and 62 product development and engineering centers in 23 countries.
For further information:
For further information: Cosma International: Tracy Fuerst, Director,
Corporate Communications, Tel: (248) 729-2731, Email: