- Larger facility to meet growing business; 150 new jobs
- Automated paint line to start in 2019
- Plant supplies 80 different customer locations
SAILAUF, Germany, Oct. 31, 2017 /CNW/ - As a result of business growth at its mirror manufacturing facility in Nove mesto nad Vahom, Slovakia, Magna has relocated to a larger facility. The company is investing $30 million USD to refurbish the building and install a new automated paint line, and the expansion will create approximately 150 new jobs at the facility.
The new facility is approximately twice the size of the previous location at 27,820 square meters. The move is complete and Magna is serving customers from the new location, with the paint line expected to be operational in early 2019.
Established more than 20 years ago, Magna's Slovakia mirrors plant, known locally as Slovteca, currently employs 630 people. Products made at the facility include exterior mirrors, prismatic and electrochromic interior mirrors, turn signals and puddle lights. Slovteca supplies approximately 20 different customers and ships to more than 80 locations worldwide. It was named a 2016 Best Place to Work in Slovakia.
"As our business in Europe continues to grow, we are making investments to deliver even greater levels of value and satisfaction to our customers," said John O'Hara, president of Magna Mirrors. "To the Slovteca team I say congratulations for a strong record of performance and keep up the good work as you begin operations at your new location."
Automotive mirrors, Slovakia, jobs and investment
We are a leading global automotive supplier with 327 manufacturing operations and 100 product development, engineering and sales centres in 29 countries. We have over 161,000 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, electronic, active driver assistance, vision, closure and roof systems. 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: INVESTOR CONTACT: Louis Tonelli, Vice-President, Investor Relations, email@example.com, 905.726.7035; MEDIA CONTACTS: Tracy Fuerst, Global Director of Corporate Communications & PR, firstname.lastname@example.org, 248.631.5396; Rej Husetovic, Director Corporate Communications & Media Relations, email@example.com, (+49-6093) 9942-5056