Press Release - Magna Announces Agreement to Sell Interiors Operations
The transaction includes 36 manufacturing operations and approximately 12,000 employees located in
The transaction is expected to close in the third quarter of 2015, subject to a number of customary conditions, including antitrust approvals.
ABOUT MAGNA
We are a leading global automotive supplier with 313 manufacturing operations and 84 product development, engineering and sales centres in 28 countries. We have approximately 131, 000 employees focused on delivering superior value to our customers through innovative processes and World Class Manufacturing. Our product capabilities include producing body, chassis, interior, 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
FORWARD LOOKING STATEMENTS
This press release contains statements that constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities legislation, including, but not limited to, statements relating to the strategic benefits expected to result from the transaction. The forward-looking information in this document is presented for the purpose of providing information about management's current expectations and plans and such information may not be appropriate for other purposes. Forward-looking statements may include financial and other projections, as well as statements regarding our future plans, objectives or economic performance, or the assumptions underlying any of the foregoing, and other statements that are not recitations of historical fact. We use words such as "may", "would", "could", "should", "will", "likely", "expect", "anticipate", "believe", "intend", "plan", "forecast", "outlook", "project", "estimate" and similar expressions suggesting future outcomes or events to identify forward-looking statements. Any such forward-looking statements are based on information currently available to us, and are based on assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances. However, whether actual results and developments will conform with our expectations and predictions is subject to a number of risks, assumptions and uncertainties, many of which are beyond our control, and the effects of which can be difficult to predict, including, without limitation: the consummation of the transaction, including required antitrust and other regulatory approvals; the satisfaction or waiver of conditions to complete the transaction; warranty or indemnity obligations to the purchaser in relation to pre-closing liabilities; and other factors set out in our Annual Information Form filed with securities commissions in
SOURCE
please contact Vince Galifi, Executive Vice-President and Chief Financial Officer at 905-726-7100; or Louis Tonelli, Vice-President, Investor Relations at 905-726-7035.