SHANGHAI, China, May 4, 2015 /CNW/ – Magna International Inc. and Chongqing Xingqiaorui (“Xingqiaorui”) have agreed to form a strategic joint venture in China. Under the terms of the agreement, Cosma International, Magna’s body and chassis operating unit, will hold a 53% stake in the JV, while Xingqiaorui will hold the remaining 47%. The transaction is expected to close in late 2015 or early 2016, subject to regulatory approvals.
Xingqiaorui, a Tier 1 supplier of automotive body-in-white components and a key supplier to Changan Ford, brings its three China manufacturing facilities (two in Chongqing and one in Hangzhou) to the JV, with Magna adding its new Chongqing manufacturing facility as a part of the joint venture.
This strategic JV will leverage Magna’s world-class manufacturing technologies to help support Xingqiaorui’s new and existing customers and will enable Magna to expand its presence and product offerings within the China market with its strong track record and successful long-term customer relationships.
Source: www.newswire.ca
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