Business
Magna and Chongquing Trim Company form joint venture
JV to supply exterior components to Chinese market SHANGHAI , Feb. 3, 2014 /CNW/ -...
About this update from Magna International Inc.
[{"type":"text","content":"\n\n\nJV to supply exterior components to Chinese market\n\n\nSHANGHAI, Feb. 3, 2014 /CNW/ - Magna International Inc., through its\n Magna Exteriors operating unit, and Chongquing Guangneng Rongneng Trim\n Co., Ltd., are pleased to announce the formation of a 50/50\n joint-venture partnership. The newly formed JV, called Magna Guangneng\n Automotive Trim System (Hangzhou) Co., Ltd., will begin supplying the\n growing China automotive market through a new greenfield facility\n located in Hangzhou, China. The facility will assemble and sequence\n front-end modules (FEMs).\n\n\n\"Magna Exteriors recognizes Chongquing's strong presence in the China\n supply base, and, combined with our expertise, we anticipate a\n successful and collaborative team approach to support our customers,\"\n said Joe Pittel, Global President Magna Exteriors, Interiors and\n Seating. \"Through this new strategic partnership with Chongquing, and\n in recognition of the growing China market, we are continuing to expand\n our presence in the region.\"\n\n\n\"Magna Exteriors is the established leader in the design and manufacture\n of automotive front-end modules, and we look forward to a long and\n productive relationship with Magna in China,\" stated Xu Guanglun,\n President of Chongquing Guangneng Rongneng Trim Co.\n\n\nAbout Magna Exteriors\nMagna Exteriors, an operating group of Magna International Inc., is a\n full-service global supplier of automotive exterior systems. We design,\n engineer and manufacture bumper fascia systems; exterior trim; modular\n systems; class A body panels; structural components; and under hood and\n underbody components for automotive, commercial truck, consumer, and\n industrial markets.\n\n\nAbout Magna International\nWe are a leading global automotive supplier with 316 manufacturing\n operations and 84 product development, engineering and sales centres in\n 29 countries.  We have over 125,000 employees focused on delivering\n superior value to our customers through innovative processes and World\n Class Manufacturing.  Our product capabilities include producing body,\n chassis, interior, exterior, seating, powertrain, electronic, vision,\n closure and roof systems and modules, as well as complete vehicle\n engineering and contract manufacturing.  Our common shares trade on the\n Toronto Stock Exchange (MG) an...