Magna forms joint venture with Chinese firm Chongquing Trim Co.
The joint venture will begin supplying front-end modules to China's automotive market
SHANGHAI—Magna International Inc., through its Magna Exteriors operating unit, and Chongquing Guangneng Rongneng Trim Co., Ltd., have struck a 50/50 joint-venture partnership.
Named Magna Guangneng Automotive Trim System (Hangzhou) Co., Ltd., the joint venture will begin supplying front-end modules to China’s automotive market through a new, greenfield assembly and sequencing facility located in Hangzhou, China.
“Magna Exteriors recognizes Chongquing’s strong presence in the China supply base, and, combined with our expertise, we anticipate a successful and collaborative team approach to support our customers,” said Joe Pittel, Global President Magna Exteriors, Interiors and Seating.
Magna Exteriors, is an operating group of Magna International Inc., designs, engineers and manufactures bumper fascia systems; exterior trim; modular systems; class A body panels; structural components and under hood and underbody components for automotive, commercial truck, consumer, and industrial markets.