Magna and Chongquing Trim Company form joint venture
JV to supply exterior components to Chinese market
SHANGHAI - Magna International Inc., through its Magna Exteriors operating unit, and Chongquing Guangneng Rongneng Trim Co., Ltd., announced the formation of a 50/50 joint-venture partnership. The newly formed JV, called Magna Guangneng Automotive Trim System (Hangzhou) Co., Ltd., will begin supplying the growing China automotive market through a new greenfield facility located in Hangzhou, China. The facility will assemble and sequence front-end modules (FEMs).
"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. "Through this new strategic partnership with Chongquing, and in recognition of the growing China market, we are continuing to expand our presence in the region."
"Magna Exteriors is the established leader in the design and manufacture of automotive front-end modules, and we look forward to a long and productive relationship with Magna in China," stated Xu Guanglun, President of Chongquing Guangneng Rongneng Trim Co.