- JV to assemble complete seats for Ford
- Production expected to start in the second quarter of 2023
- More than 390 new jobs to be created
AURORA, Ontario, Feb. 22, 2022 (GLOBE NEWSWIRE) -- Today Magna announced it has entered into a joint venture (“JV”) with LAN Manufacturing, a minority-owned automotive supplier based in Michigan. The JV, to be called LM Manufacturing, will assemble complete seats for various trucks and SUVs for Ford Motor Company operating from a 296,000 square-foot leased facility in Detroit, Michigan. Magna will own a 49% stake.
Production is scheduled to begin in the second quarter of 2023 and is expected to bring-in more than 390 jobs to the city of Detroit. The Michigan Strategic Fund has awarded a $2 million grant to the JV.
“We are excited about this opportunity with LM Manufacturing as we continue supporting Ford on some of their high-volume vehicle programs,” said Magna Seating President John Wyskiel. “We expect the joint venture to complement the seating capabilities and footprint we already have in the state.”
“As a minority business enterprise, we are especially excited to invest in the city of Detroit and to work with Magna, a leading mobility technology company,” said Sylvester Hester, CEO of LAN, and President of LM Manufacturing.
“This investment by LM Manufacturing in Michigan demonstrates the strength of our mobility and EV ecosystem, as well as our state’s continued automotive manufacturing prowess,” said Quentin Messer, Jr., CEO of the MEDC and President and Chair of the Michigan Strategic Fund. “This project is a win for Southeast Michigan and for the entire state. It is a team effort with the Detroit Regional Partnership and our other local partners to bring these jobs to Detroit residents. We look forward to working with LM Manufacturing as collectively, we shape the future of transportation.”
TAGS
Joint venture, JV, automotive seat assembly
INVESTOR CONTACT
Louis Tonelli, Vice-President, Investor Relations
louis.tonelli@magna.com, 905.726.7035
MEDIA CONTACT
Tracy Fuerst, Vice President, Corporate Communications & PR
tracy.fuerst@magna.com, 248.761.7004
ABOUT MAGNA
Magna is more than one of the world’s largest suppliers in the automotive space. We are a mobility technology company with a global, entrepreneurial-minded team of 158,000 employees and an organizational structure designed to innovate like a startup. With 60+ years of expertise, and a systems approach to design, engineering and manufacturing that touches nearly every aspect of the vehicle, we are positioned to support advancing mobility in a transforming industry. Our global network includes 343 manufacturing operations and 91 product development, engineering and sales centres spanning 28 countries.
For further information about Magna (NYSE:MGA; TSX:MG), please visit www.magna.com or follow us on Twitter @MagnaInt.
THIS RELEASE MAY CONTAIN STATEMENTS WHICH CONSTITUTE “FORWARD-LOOKING STATEMENTS” UNDER APPLICABLE SECURITIES LEGISLATION AND ARE SUBJECT TO, AND EXPRESSLY QUALIFIED BY, THE CAUTIONARY DISCLAIMERS THAT ARE SET OUT IN MAGNA’S REGULATORY FILINGS. PLEASE REFER TO MAGNA’S MOST CURRENT MANAGEMENT’S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL POSITION, ANNUAL INFORMATION FORM AND ANNUAL REPORT ON FORM 40-F, AS REPLACED OR UPDATED BY ANY OF MAGNA’S SUBSEQUENT REGULATORY FILINGS, WHICH SET OUT THE CAUTIONARY DISCLAIMERS, INCLUDING THE RISK FACTORS THAT COULD CAUSE ACTUAL EVENTS TO DIFFER MATERIALLY FROM THOSE INDICATED BY SUCH FORWARD-LOOKING STATEMENTS. THESE DOCUMENTS ARE AVAILABLE FOR REVIEW ON MAGNA’S WEBSITE AT WWW.MAGNA.COM.
