Finance News Follow us to find the latest Finance news
MONTREAL C Canadian auto parts maker Magna International Inc said on Wednesday it’ll open a brand new seat-making facility in China to provide Zhejiang Geely Holding Group Co’s Volvo car group.
The 5,200-square-meter facility in Taizhou, China, will be completed by mid-2016, Magna said inside a news release published throughout a Toronto event for investors and analysts. It will produce complete seating systems for any small crossover utility vehicle, Magna said.
“This new facility helps us support a brand new customer and expands our footprint in China, each of which are answer to growing our global seating business,” Mike Bisson, president of Magna Seating, said in the release.
Ontario-based Magna, which earns about 50 % of their revenue from outside North America, includes a customer list which includes General Motors Co, Volkswagen AG and Ford Motor Co.
? Thomson Reuters 2016
