Investment, new products indicative of shift from mechanical to electronic systems
AURORA, ON, April 7, 2014 /CNW/ - Magna International Inc. announced that its Magna Closures operating unit, the global leader in latching system technology, has expanded its Dortec manufacturing facility to begin producing electronic systems and modules for the automotive industry. The $1.5-million expansion will create 75 new jobs and further positions Magna Closures to meet the growing trend of increased electronic functionality in automobiles.
Dortec, located in Newmarket, Ontario, has established a reputation as a world-class manufacturer of closure and latching systems for global auto makers. With this expansion in place, Magna Closures will commence production later this year for customers in North America, Europe and Asia. Production is expected to include electronic control modules for power closure and roof systems, as well as an innovative electronic latching product.
This electronic side-door latch will require no cables, rods or moving handles in the door. The benefits will include significant weight savings and a reduced number of components, the flexibility to be used in any type of car or truck, and improved sound quality and craftsmanship. Combined with the elimination of the lock rods, release cables and handles, this latch will provide an innovative, lower-cost door latching system to global automakers.
"We expect electronic closure and latching technologies to be a game-changer for the industry over the next five years and they will eventually become the future mainstream design," said Frank Seguin, president of Magna Closures. "With our expansion at Dortec we are well-positioned to capitalize on this as it occurs."
About Magna Closures
Magna Closures, an operating group of Magna International Inc., has a well-established global reputation for providing high-quality expertise in electro-mechanical systems and electronic components for the automotive sector, including door modules, window systems, latching systems, power sliding doors and power liftgates. Our engineering expertise has also been applied to the development of solar tracking systems to support large-scale, renewable energy projects in Ontario and globally to provide clients with a dependable technology that can support long-term energy objectives.
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.
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 Inc.
For further information:
Director, Corporate Communications