AURORA, ONTARIO (Aug. 16, 10:20 a.m. ET) — Magna International Inc. is forming a three-way joint venture to take over an existing injection molding and painting facility to produce parts for automakers in China. The deal opens the door for further growth of its exterior-panel production in the region.
Aurora-based Magna will hold 51 percent of MCC Wuhu Exteriors under its Magna Exteriors and Interiors unit. Changshu Automotive Trim Co. of Changshu, China, will own 34 percent and Chery Tech 15 percent.
The 300,000-square-foot plant in Wuhu employs 600 and supplies front- and rear-bumper fascias for Wuhu-based Chery Automobile Co. Ltd., a sister company to Chery Tech.
The JV will provide a key entry point for Magna's exteriors group in China, Bob Brownlee, president of Magna Exteriors and Interiors, said in an Aug. 5 news release.
