News Release - Magna Deepens Partnership With Honglizhixin to Bolster Seating Capabilities in China
- Magna to acquire majority ownership
- Increases footprint with Honglizhixin from two to 12 manufacturing plants
- Demonstrates commitment to grow in the
The two companies currently operate a 50/50 joint venture formed in 2015. Magna’s strong relationship with HLZX over the years has enabled agreements to deepen the partnership. Magna has signed a Shareholder Agreement and Share Purchase Agreement and intends to finalize the deals by the beginning of 2021, signaling a strong commitment to the
“China is an important market for Magna where we are committed to delivering high quality seat technology to both domestic and foreign automakers, as well as non-traditional startups in the area of mobility,” said
The current Magna-HLZX JV includes two manufacturing plants. Under the new ownership agreement, 10 plants will be added to Magna’s manufacturing footprint, adding critical mass and scale to the company’s seating operations in
“In addition to HLZX’s expansive presence, they have a highly capable and competitive engineering team in providing turnkey solutions to Chinese automakers,” said
Magna’s seating business, recognized by automakers and consumers for its innovation and quality, includes six R&D centers and 66 manufacturing operations around the globe.
automotive seating, automotive seat systems, joint ventures
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We are a mobility technology company. We have over 152,000 entrepreneurial-minded employees, 346 manufacturing operations and 93 product development, engineering and sales centres in 27 countries. We have complete vehicle engineering and contract manufacturing expertise, as well as product capabilities that include body, chassis, exteriors, seating, powertrain, active driver assistance, electronics, mechatronics, mirrors, lighting and roof systems. Our common shares trade on the Toronto Stock Exchange (MG) and the New York Stock Exchange (MGA). For further information about Magna, visit www.magna.com.
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Source: Magna International Inc.