AURORA, Ontario, December 19, 2017 /PRNewswire/ --
- New structure better aligns with Company's growth strategy and
the future of mobility
- Designed to enhance synergies across product groups
- New reporting segments will provide investors with increased
transparency
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.
With 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:
- Body Exteriors & Structures includes our body and
chassis business (Cosma), exteriors, roof systems, sealing systems
and fuel systems operations;
- Power & Vision includes our powertrain, electronics,
mirrors, lighting and closures operations;
- Seating Systems is comprised of our complete seat
assembly facilities and our foam, trim, structures and mechanisms
operations; and
- Complete Vehicles is comprised of our contract
manufacturing operations as well as our complete vehicle
engineering centers (Magna
Steyr).
"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 and new mobility, we will
continue to build on the competitive advantage of our robust
portfolio and deep systems knowledge, allowing us to provide our
customers with more complete solutions."
- Don Walker, Magna's Chief
Executive Officer
"With the changes in mobility, we recognize the need to provide
a higher level of transparency into Magna. The new segmentation
better aligns our reporting with our peers and will allow the
financial community to gain a better understanding of our unique
business model."
- Vince Galifi, Magna's Chief
Financial Officer
OUR BUSINESS(1)
We have more than 163,000 entrepreneurial-minded employees
dedicated to delivering mobility solutions. We are a technology
company and one of the world's largest automotive suppliers with
328 manufacturing operations and 99 product development,
engineering and sales centres in 29 countries. Our competitive
capabilities include body exteriors and structures, power and
vision technologies, seating systems and complete vehicle
solutions. Our common shares trade on the Toronto Stock Exchange
(MG) and the New York Stock Exchange (MGA). For further information
about Magna, visit http://www.magna.com.
FORWARD-LOOKING STATEMENTS
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
http://www.magna.com.
[(1)] Manufacturing operations, product development,
engineering and sales centres and employee figures include certain
equity-accounted operations.
CONTACTS
INVESTOR CONTACT
Louis Tonelli, Vice-President,
Investor Relations
louis.tonelli@magna.com, 905-726-7035
MEDIA CONTACT
Tracy Fuerst, Director of Corporate
Communications & PR
tracy.fuerst@magna.com, 248-631-5396