Magna enters joint venture with Chinese seating supplier
Apr 28, 2017, 08:00 ET
- JV bolsters Magna's product portfolio in seat mechanisms and structures
- Magna's global resources and operational expertise complements JV partner
- Partnership enhances both companies' footprint and customer base in Asia
SHANGHAI, April 28, 2017 /CNW/ - To expand its seating expertise in China and throughout Asia, Magna has entered into a joint venture cooperation agreement with China's Hubei Aviation Precision Machinery Co., Ltd. (HAPM). Subject to regulatory approval, the deal is expected to close in the fourth quarter of 2017.
HAPM is a major Chinese automotive seat mechanism and structure component supplier and a subsidiary company of AVIC Electromechanical Systems Co., Ltd (AVICEM). Headquartered in Hubei Xiangyang, HAPM designs, develops and manufactures a wide range of automotive seating products from manual/power recliners, tracks, height adjusters and structures. Established in 1995, the company has built up a solid customer base in both domestic and overseas markets.
The strategic cooperation brings together two innovative suppliers in the seating market to deliver a stronger product portfolio and advanced technology development to customers.
"We are very pleased to establish such a cooperative relationship with Magna. As a world leading automotive supplier, Magna's global resources and expertise will be vital to the joint venture's success," said Mr. Wang Jian, Chairman of AVICEM.
"As the world's largest vehicle market, China is a region in which we want to expand our seating capabilities, and with HAPM's strong market position and seating mechanism know-how, we expect to grow our business even further in the region and throughout Asia," said Mike Bisson, President of Magna Seating.
Seating mechanisms, seating structures, Chinese joint venture
ABOUT MAGNA INTERNATIONAL
We are a leading global automotive supplier with 317 manufacturing operations and 102 product development, engineering and sales centres in 29 countries. We have over 155,000 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. We also 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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SOURCE Magna International Inc.
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