News Release - Magna Forms Joint Venture in China to Support Growing Composite Liftgate Market
Click here for the PDF version of the release
- Deal signed with
Guangzhou Automobile Group Co., Ltd. (GAC) subsidiary - Enables mass production of composite liftgates for fast-growing market
- Further expands Magna's China footprint
SHANGHAI, China,
|
|||||
"We're seeing tremendous demand for advanced material innovations as manufacturers pursue all opportunities to take weight out of vehicles to meet emissions requirements," said Magna Exteriors President Grahame Burrow. "I am very pleased we have formed this JV with GACC as it provides great opportunities for future growth in liftgates and other lightweight exterior products going forward."
Lightweight, fully recyclable, composite liftgates are particularly beneficial as demand for crossover and sport utility vehicles remains high globally. These liftgate modules can achieve up to 25 percent mass savings over steel versions and are delivered as complete assemblies to the customer. Composite materials allow for greater design flexibility with deeper draws and tighter radii. Additional benefits of Magna's full-system assembly and delivery approach include reduced complexity of the total liftgate module, lower tooling investment and increased throughput at the assembly plant.
"Magna's expertise in advanced materials and manufacturing, combined with GACC's deep connection in the world's largest automotive market, certainly ensures the strength of this strategic partnership," added Burrow.
With the addition of this JV facility, Magna now expands to 50 facilities in China with more than 22,700 employees. The company was also recently named Employer of Choice by 51Job.com and Zhaopin.com.
Earlier this year, the company launched one of the largest-volume thermoplastic liftgates on the 2018 Jeep Cherokee which is sold in the US. In addition, Magna produced the industry's first all-thermoplastic, fully recyclable liftgate module in North America on the 2014 Nissan Rogue.
TAGS
Automotive exterior systems, China, liftgates, composites
INVESTOR CONTACT
Louis Tonelli, Vice-President, Investor Relations
louis.tonelli@magna.com, 905.726.7035
MEDIA CONTACT
Tracy Fuerst, Global Director of
tracy.fuerst@magna.com, 248.631.5396
ABOUT MAGNA
We have more than 168,000 entrepreneurial-minded employees dedicated to delivering mobility solutions. We are a mobility technology company and one of the world's largest automotive suppliers with 335 manufacturing operations and 96 product development, engineering and sales centres in 28 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
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 WWW.MAGNA.COM.