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LG and Magna Sign Joint Venture Agreement and Announce Leadership Team
LG and Magna Sign Joint Venture Agreement and Announce Leadership Team Canada N...
About this update from Magna International Inc.
[{"type":"text","content":"\n \n \n \n LG and Magna Sign Joint Venture Agreement and Announce Leadership Team\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n New Company to Fuse Magna's and LG's Electric Powertrain\n \n \n \n Strengths to Accelerate E-Drive Component Development\n \n \n \n \n SEOUL, South Korea\n \n and\n \n AURORA, ON\n \n ,\n \n July 28, 2021\n \n /CNW/ - LG Electronics (LG) and Magna International Inc. (Magna) today signed the transaction agreement which establishes a joint venture between the two companies. The new company, to be called LG Magna e-Powertrain, is headquartered in Incheon,\n \n South Korea\n \n and will be led by a strong management team.\n \n \n Leading the new company will be CEO\n \n \n Cheong Won-suk\n \n \n , a 20-year LG veteran who was most recently vice president and head of the LG Vehicle Component Solutions Company's Green Business. Prior to LG, Cheong spent nearly a decade with Daewoo Motors R&D.\n \n \n \n \n Javier Perez\n \n \n , who has been with Magna since 2016, will be the new company's COO. He will be responsible for overseeing the day-to-day operations of the joint venture. Perez brings nearly a quarter century of automotive manufacturing and quality control experience to LG Magna e-Powertrain, 18 of those years based in\n \n Asia\n \n .\n \n \n The creation of the joint venture unifies Magna's strength in electric powertrain systems and world-class automotive manufacturing with LG's expertise in component development for e-motors and inverters. Announcing LG Magna e-Powertrain's executive team marks a key milestone for the joint venture company, which will manufacture e-motors, inverters and on-board chargers and, for certain automakers, related e-drive systems.\n \n \n The design, engineering and manufacturing synergies created by LG Magna e-Powertrain is expected to enable both companies to quickly react to market trends and capitalize on the growing global shift toward vehicle electrification. The new company will develop powertrain components that offer aut...