U.S. Markets closed

Magna Continues to Expand in Morocco With New Mirrors Facility

  • Greenfield manufacturing plant being built in Kenitra, Morocco
  • $11.3 million investment, 275 jobs
  • Strategic growth to further support customers in the region

AURORA, Ontario, April 23, 2019 (GLOBE NEWSWIRE) -- As the auto industry continues to develop in Morocco, Magna also continues to expand its footprint in the country. The company recently broke ground on construction of a new facility in Kenitra, Morocco, to supply global automakers with exterior and interior mirror systems.

The 61,400-square-foot facility represents an investment of $11.3 million by Magna and is expected to create up to 275 jobs. Production at the new plant is projected to begin in spring 2020.

“Expanding into Morocco is a strategic move for Magna, as our customers continue to grow in the region,” said John O’Hara, president Magna Mechatronics, Mirrors and Lighting. “We also value the high level of skilled employees and engineering talent in the region, and we look forward to building a strong and capable team.”

Morocco offers a competitive export-focused production base for global automakers. The country’s government has a stated goal of building one million vehicles per year by 2025 and has been successful in attracting automakers and investment in new production plants to achieve that goal.

Magna leads the market for advanced mirror technology and innovation. With this new facility, the company expands its reach in enhancing driver experiences through intelligent vision systems. The facility marks the company’s second location in Morocco, following the formation of a Casablanca-based engineering joint venture with Altran Technologies SA in October 2018.

INVESTOR CONTACT
Louis Tonelli, Vice-President, Investor Relations
louis.tonelli@magna.com, (+1) 905.726.7035

MEDIA CONTACT
Tracy Fuerst, Global Director of Corporate Communications & PR
tracy.fuerst@magna.com, (+1) 248.631.5396

ABOUT MAGNA
We are a mobility technology company that is helping pave the way to the future with innovative products and processes. We have more than 174,000 entrepreneurial-minded employees and 348 manufacturing operations and 91 product development, engineering and sales centres in 28 countries. Our competitive capabilities include body exteriors and structures, power and vision technologies, seating systems and complete vehicle solutions. 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.

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.

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/2ee886f8-ef9c-4111-81aa-d8ec25c053ac