SHANGHAI, China, Nov. 25, 2015 /CNW/ - 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.
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SOURCE Magna International Inc.