The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from CNW Group

Magna Exteriors and Interiors expands in China

Friday, August 05, 2011

Magna Exteriors and Interiors expands in China13:15 EDT Friday, August 05, 2011AURORA, ON, Aug. 5, 2011 /CNW/ - Magna Exteriors and Interiors, an operating unit of Magna International Inc., announced today that it has expanded its footprint in China by forming a joint venture to purchase an existing injection molding and painting facility located in Wuhu, a city in the Anhui province of southeastern China.The three-party joint venture, called MCC Wuhu Exteriors, consists of Magna Exteriors and Interiors (51%), CAIP (Changshu Automotive Trim Co., 34%) and Chery Tech (15%).The 300,000-square-foot manufacturing plant, which recorded revenue of approximately $43 million in 2010, employs about 600 people and supplies its primary customer Chery Auto with front and rear fascias."Consistent with our strategy to pursue growth in emerging markets, this opens the door for our exteriors and fascia business in China," said Bob Brownlee, president of Magna Exteriors and Interiors in North America and Asia. "Having established a presence in China with our interior components and systems during the past several years, we now have a foundation from which we can begin a growth phase for our exteriors business in the region as well."About Magna Exteriors and InteriorsMagna Exteriors and Interiors is a full service global supplier of exterior and interior systems. We design, engineer and manufacture front and rear end fascia systems; sealing systems; exterior trim; class A composite panels; top systems; engineered glass; under hood & underbody components; structural components; sidewall and trim systems; cockpit systems; cargo management systems; and overhead systems for automotive, commercial truck, consumer, and industrial markets. We also manufacture sheet molding compound (SMC) material, EpicBlendSMC™, in multiple formulations.About Magna InternationalMagna International (www.magna.com) is the most diversified automotive supplier in the world. We design, develop and manufacture automotive systems, assemblies, modules and components, and engineer and assemble complete vehicles, primarily for sale to original equipment manufacturers of cars and light trucks in North America, Europe, Asia, South America and Africa. Our capabilities include the design, engineering, testing and manufacture of automotive interior systems; seating systems; closure systems; metal body and structural systems; vision systems; electronic systems; exterior systems; powertrain systems; roof systems; hybrid and electric vehicles/systems as well as complete vehicle engineering and assembly.Magna has more than 104,000 employees in 269 manufacturing operations and 84 product development, engineering and sales centers in 26 countries.For further information: Tracy Fuerst   Director, Corporate Communications (248) 729-2731 tracy_fuerst@magna.on.ca