Business
Magna Announces New Management Structure and Financial Reporting Segments
Magna Announces New Management Structure and Financial Reporting Segments Canada N...
About this update from Magna International Inc.
[{"type":"text","content":"\n\n\n\nMagna Announces New Management Structure and Financial Reporting Segments\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\n\n\n\n\n\n\nCanada NewsWire\nAURORA, ON, Dec. 19, 2017\n\n\n\n\nNew structure better aligns with Company's growth strategy and the future of mobility\nDesigned to enhance synergies across product groups\nNew reporting segments will provide investors with increased transparency\n\n\n\nAURORA, ON, Dec. 19, 2017 /CNW/ - Magna International Inc. (TSX: MG; NYSE: MGA) today announced a realignment of its management structure along product lines. The shift better aligns our global operations with our long-term strategy tied to the future of mobility. Additionally, it is designed to enhance synergies across product groups and better aligns with our customers.\n\nWith these management changes, we are also introducing new financial reporting segments beginning in 2018. The changes to our reporting segments will provide investors with increased transparency, and allow for easier comparisons with our industry peers. Beginning with the first quarter of 2018, we will report Sales, Adjusted EBIT and other items based on four global, product-oriented operating segments: \n\n\nBody Exteriors & Structures includes our body and chassis business (Cosma), exteriors, roof systems, sealing systems and fuel systems operations;\nPower & Vision includes our powertrain, electronics, mirrors, lighting and closures operations; \nSeating Systems is comprised of our complete seat assembly facilities and our foam, trim, structures and mechanisms operations; and\nComplete Vehicles is comprised of our contract manufacturing operations as well as our complete vehicle engineering centers (Magna Steyr).\n\n\n\n\"The changes we are making to our management structure will enhance our ability to innovate, by fostering greater collaboration and sharing of expertise across the company. Specifically, our Power & Vision segment has electronics and software expertise which are critical to our growth. As we address industry trends, including electrification, autonomy...