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Auto Manufacturing
Cosma International and Shin Young Metal announce Hyundai Russia award
Joint venture provides global support for Korean automaker
AURORA - Cosma International, an operating unit of Magna International Inc. and a leading global automotive metalforming supplier, and its joint-venture partner Shin Young Metal Ind. Co., a Korea-based automotive supplier, today announced a major new-business award from Hyundai Motor Corporation.
Cosma and Shin Young Metal will supply major stampings and welded
assemblies to Hyundai's new assembly plant in St. Petersburg, Russia, which,
is expected to be operational in 2010. Cosma and Shin Young Metal will supply
Hyundai from a greenfield manufacturing facility to be built in close
proximity to the Hyundai assembly plant.
Jim Tobin, Magna International's Executive Vice President of Business
Development and President of Magna Asia, said, "This new business with Hyundai
shows the joint venture between Cosma and Shin Young Metal effectively
supports the global expansion of our OEM partners. We look forward to
supporting the growth of Hyundai and the Russian automotive market through our
combined global footprint and expertise."
"Shin Young Metal and Cosma are excited about this tremendous opportunity
and are committed to providing best-in-class support to Hyundai," commented
Mr. Ho Gap Kang, CEO of Shin Young Metal.
Shin Young Metal was established 30 years ago and has become a key player
in the Korean automotive industry. Shin Young and its related companies are
involved in stamping and assembly, tool and die design, construction, try-out,
and production and assembly of automotive components.
Cosma International (www.cosma.com), an operating unit of Magna
International, manufactures a comprehensive range of metal body systems,
components, assemblies and modules including complete vehicle frames, chassis
systems and body-in-white systems using a variety of innovative processes
including hydroforming, stamping and roll forming. Cosma has 37 manufacturing
facilities and 12 product development and engineering centers worldwide.
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