Magna Exteriors and Interiors (Aurora, ON) has expanded its footprint in China by forming a joint venture to purchase an existing injection molding and painting facility located in Wuhu, a city in the Anhui Province, southeastern China.
The tri-party joint venture, called MCC Wuhu Exteriors, comprises of Magna Exteriors and Interiors (51%), CAIP (Changshu Automotive Trim Co., 34%) and Chery Tech (15%).
The 300,000-square-foot manufacturing plant, which recorded revenue of approximately $43 million in 2010, employs about 600 people and supplies its primary customer Chery Auto with front and rear fascias.
"Consistent with our strategy to pursue growth in emerging markets, this opens the door for our exteriors and fascia business in China," says Bob Brownlee, president of Magna Exteriors and Interiors in North America and Asia. "Having established a presence in China with our interior components and systems during the past several years, we now have a foundation from which we can begin a growth phase for our exteriors business in the region as well."-[email protected]