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Magna grows in China with Geely


News provided by

Magna International Inc.

Mar 22, 2016, 13:32 ET

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Establishing new seating facility

AURORA, ON, March 9, 2016 /CNW/ - Magna International Inc. announced today that it will open a new seating manufacturing facility in Taizhou, China, to supply Geely. Construction is already underway in the Jiju District of Taizhou and is set to be completed by mid-2016. The announcement was made at an event for investors and analysts in downtown Toronto.

The 5,200-square-meter facility will produce complete seating systems for a small crossover utility vehicle, the first automobile to be produced from Volvo's CMA (Compact Modular Architecture) platform. The new facility is expected to create up to 90 new jobs.

"We are excited to bring our latest seating technologies to the China market and build a world-class just-in-time plant to serve our customer," said Jim Chen, Vice President and Managing Director of Magna Seating in Asia.

Taizhou marks the fifth manufacturing facility for Magna Seating and the 33rd overall for Magna in China, the world's largest automotive market. 

"We are committed to delivering manufacturing excellence to our customers aligned with their needs and expectations in all regions of the world," said Mike Bisson, President of Magna Seating.  "This new facility helps us support a new customer and expands our footprint in China, both of which are key to growing our global seating business."

About Magna International

We are a leading global automotive supplier with 305 manufacturing operations and 93 product development, engineering and sales centres in 29 countries. We have over 139,000 employees focused on delivering superior value to our customers through innovative products and processes, and World Class Manufacturing. 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 Inc.

For further information: Tracy Fuerst, Director, Corporate Communications & Media Relations, (248) 631-5396, [email protected]

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