News Release - Magna Listed as a Volkswagen Strategic Partner
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AURORA, Ontario, August 25, 2015 – Magna International announced that its Magna Powertrain operating group was nominated by The Volkswagen Group as a “Future Automotive Supply Tracks” (FAST) strategic partner for outstanding performance in manufacturing driveline systems for Volkswagen vehicles.
“We are honored that Volkswagen recognizes us as a strategic partner in its business,” said Jake Hirsch, President of Magna Powertrain. “We look forward to working with Volkswagen in the future and continuing to manufacture and deliver quality parts that exceed the expectations of our customers.”
Magna was one of only 44 suppliers nominated by Volkswagen as a FAST strategic partner. FAST strategic partners are companies which Volkswagen considers to be outstanding suppliers in their respective sectors. The Volkswagen Group has indicated it intends to extend management-level discussions with the nominated partner companies with the aim of successfully implementing joint technological innovations more rapidly than in the past and realizing vehicle projects worldwide more efficiently and effectively.
“In the future, it will not be the corporation with the best negotiating skills that has the advantage, but the one that has also successfully established an optimal supplier network,” said Dr. Francisco Javier Garcia Sanz, Volkswagen Aktiengesellschaft Board of Management member responsible for procurement. “The nominated FAST suppliers are important beacons in our network, and I am looking forward to even closer and more intensive collaboration.”
About Magna International
We are a leading global automotive supplier with 319 manufacturing operations and 85 product development, engineering and sales centres in 29 countries. We have approximately 136,000 employees focused on delivering superior value to our customers through innovative products, processes and World Class Manufacturing. Our product capabilities include producing body, chassis, interior, exterior, seating, powertrain, electronic, vision, closure and roof systems and modules, as well as complete vehicle engineering and contract manufacturing. Our common shares trade on the Toronto Stock Exchange (MG) and the New York Stock Exchange (MGA). For further information about Magna, visit our website at www.magna.com.
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