U.S. Markets closed

Magna Grows Seat Business With New Ohio Facility

  • Plant to make seat structures
  • 150,000-square-foot facility, $60 million initial investment
  • Marks Magna’s 5th manufacturing plant in Ohio

TROY, Mich., July 30, 2019 (GLOBE NEWSWIRE) -- Magna has won new seating business in North America with a global automaker and will supply seat structures from a new manufacturing facility in Lancaster, Ohio.

The company held a groundbreaking ceremony today at the site where construction has recently started on the 150,000-square-foot facility with an initial investment of approximately $60 million. The event was attended by Magna CEO Don Walker, U.S. Representative Steve Stivers, and U.S. Vice President Mike Pence. In recognizing the positive impact of the jobs and investment created by the new facility, each also spoke in support of the proposed United States-Mexico-Canada Agreement (USMCA) trade deal.

“As our customers expand their manufacturing footprints around the world, we will be there to support them with world-class design, engineering and manufacturing,” said Walker. “With this investment and job creation we are extremely pleased to contribute to the strong automotive industry in Ohio and the United States.”

Magna’s new seating plant is expected to be operational in the first quarter of 2020 and employ 300 people by 2021, with the possibility for future growth. The facility represents Magna’s first dedicated seat structure plant in the U.S. and will feature robotic laser and MIG welding capabilities. The facility is strategically located to provide innovative seat structures to Magna’s customers, starting with a new plug-in hybrid vehicle for a global automaker.

The company currently has four manufacturing operations and employs approximately 2,700 people in Ohio. The new seating facility in Lancaster will be Magna’s fifth location in the state.

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

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

ABOUT MAGNA
We are a mobility technology company. We have more than 169,000 entrepreneurial-minded employees and 338 manufacturing operations and 89 product development, engineering and sales centres in 28 countries. We have complete vehicle engineering and contract manufacturing expertise, as well as product capabilities which include body, chassis, exterior, seating, powertrain, active driver assistance, electronics, mirrors & lighting, mechatronics and roof systems. Magna also has electronic and software capabilities across many of these areas. 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: https://www.globenewswire.com/NewsRoom/AttachmentNg/a600ccc1-498c-40e8-9cca-14ea21a3bbb0