Production supporting JLR expected to start in 2018
SAILAUF, Germany, May 25, 2016 /CNW/ - Magna International Inc. today announced it will build a new world-class aluminum casting facility in Telford, United Kingdom, to support Jaguar Land Rover, the UK's leading vehicle manufacturer.
The new facility is expected to be approximately 225,000 square feet and will create up to 295 jobs at full capacity. Working with the UK Trade & Investment and the Automotive Investment Organization, along with financial support from the UK Government's Regional Growth Fund, helped to secure this project. Construction is expected to start in the autumn of 2016.
Once production begins in 2018, the facility will use Magna's innovative high-pressure vacuum die casting process to produce a number of advanced lightweight aluminum castings– a key building block in the next generation all-aluminum and multi-material vehicle architectures. By using these types of castings, Magna helps automakers deliver maximum strength and stiffness and minimum weight, ultimately achieving better fuel economy, safety and handling.
"We are excited to work closely with Jaguar Land Rover in the development of this project which will bring the most advanced structural casting technologies to the UK," said John Farrell, President of Cosma International, an operating unit of Magna International. "As lightweighting continues to be a key technology driver, we are uniquely positioned to help automakers achieve optimal weight savings throughout the vehicle architecture."
Magna, through its Cosma International operating unit, is one of the world's premier suppliers providing a comprehensive range of body, chassis and engineering solutions to automakers around the world.
We are a leading global automotive supplier with 306 manufacturing operations and 92 product development, engineering and sales centres in 29 countries. We have over 147,000 employees focused on delivering superior value to our customers through innovative products and processes, and World Class Manufacturing. These figures include manufacturing operations, product development, engineering and sales centres and employees in equity accounted operations. Our product capabilities include producing body, chassis, 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 of America Inc.
Image with caption: "Magna announced it will build a world-class aluminum casting facility in Telford, United Kingdom, to support Jaguar Land Rover. Once production begins in 2018, the facility will use Magnas innovative high-pressure vacuum die casting process to produce advanced lightweight car parts from aluminum. (CNW Group/Magna International of America Inc.)". Image available at: https://photos.newswire.ca/images/download/20160525_C5851_PHOTO_EN_698609.jpg
For further information: Rej Husetovic, Director Corporate Communications & Media Relations, +49 (6093) 9942 5056, firstname.lastname@example.org