SHANGHAI, China, Nov. 25, 2015 /PRNewswire/ - Magna
International Inc. and Chongqing Hongli Zhixin Automotive Parts
Manufacture Co., Ltd. have announced the signing of a 50/50
joint-venture agreement to provide complete seating systems and
seating components to Changan Ford and other customers in
China.
Hongli Zhixin, a leading independent seating supplier in
China with capabilities in foam,
trim and structures, as well as established OEM customers, brings
its manufacturing facility in Harbin and two production programs to the
JV. A Hongli Zhixin-Magna headquarters will be located in
Chongqing.
This JV is expected to strengthen Magna's position in
China by providing additional
regional knowledge of customer and market expectations, enhancing
the competitiveness of its cost structure through vertical
integration and facilitating faster response times.
Mike Bisson, President of Magna
Seating said, "Hongli Zhixin, with their strong position in the
Chinese seating market, represents a strategic partner for us in
China. The combination of our
global seating expertise and their knowledge of the Chinese market
delivers a unique value proposition that ultimately positions both
companies for future growth opportunities."
Ms. Wang Zhonglian, Chairman of
Hongli Zhixin said, "Combining Hongli Zhixin's local knowledge with
Magna Seating's global network and world-class manufacturing, I am
convinced that our joint venture will provide superior values to
our customers to support their growth in China."
About Magna International
We are a leading global
automotive supplier with 285 manufacturing operations and 83
product development, engineering and sales centres in 29 countries.
We have over 125,000 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.