- JV bolsters Magna's product portfolio in seat mechanisms and
structures
- Magna's global resources and operational expertise complements
JV partner
- Partnership enhances both companies' footprint and customer
base in Asia
SHANGHAI, April 28, 2017 /PRNewswire/ - To expand its
seating expertise in China and
throughout Asia, Magna has entered
into a joint venture cooperation agreement with China's Hubei Aviation Precision Machinery
Co., Ltd. (HAPM). Subject to regulatory approval, the deal is
expected to close in the fourth quarter of 2017.
HAPM is a major Chinese automotive seat mechanism and structure
component supplier and a subsidiary company of AVIC
Electromechanical Systems Co., Ltd (AVICEM). Headquartered in Hubei
Xiangyang, HAPM designs, develops and manufactures a wide range of
automotive seating products from manual/power recliners, tracks,
height adjusters and structures. Established in 1995, the
company has built up a solid customer base in both domestic and
overseas markets.
The strategic cooperation brings together two innovative
suppliers in the seating market to deliver a stronger product
portfolio and advanced technology development to customers.
"We are very pleased to establish such a cooperative
relationship with Magna. As a world leading automotive supplier,
Magna's global resources and expertise will be vital to the joint
venture's success," said Mr. Wang
Jian, Chairman of AVICEM.
"As the world's largest vehicle market, China is a region in which we want to expand
our seating capabilities, and with HAPM's strong market position
and seating mechanism know-how, we expect to grow our business even
further in the region and throughout Asia," said Mike
Bisson, President of Magna Seating.
TAGS
Seating mechanisms, seating structures, Chinese joint venture
ABOUT MAGNA INTERNATIONAL
We are a leading global automotive supplier with 317 manufacturing
operations and 102 product development, engineering and sales
centres in 29 countries. We have over 155,000 employees focused on
delivering superior value to our customers through innovative
products and processes, and world class manufacturing. We have
complete vehicle engineering and contract manufacturing expertise,
as well as product capabilities which include body, chassis,
exterior, seating, powertrain, active driver assistance, vision,
closure and roof systems. We also have electronic and software
capabilities across many of these areas. 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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