Recently, Magna International has entered into a strategic cooperation agreement with Chongqing Xing Qiaorui (“Xing Qiaoruiâ€) to establish a joint venture company in China. According to the contract, Maxana's body and chassis division, Kasma International, will hold a 53% stake in the joint venture, while Xing Qiaorui will hold a 47% stake. The transaction is still pending government approval and is expected to be completed by the end of 2015 or early 2016.
As a Tier 1 supplier of automotive body-in-white components, Xing Qiaorui is an important supplier of Changan Ford. Star Qiaorui has brought three production bases for the joint venture company (two in Chongqing and one in Hangzhou), and Magna will also invest in the company's production base in Chongqing as part of the joint venture.
This strategic joint venture will leverage Magna's state-of-the-art production technology to serve its existing and future customers. The joint venture will rely on long-term stable production quality and successful customer relationships to further enhance Magna's market position and product supply in China.
John Farrell, president of the Magna Body and Chassis Division, Kasma International, said, "Magna highly recognizes Star Qiaorui's market advantage and good reputation in the Chinese market. We hope to combine Star Qiaorui. The advantages and Magna's manufacturing expertise, the two sides work together as a team to support our existing and future customers and grow with our customers."
Xing Qiaorui’s board of directors said, “The cooperation and synergy achieved through this joint venture will be an opportunity for both companies, and we will be able to provide customers with better products and services, like Magna. Multinational companies develop our business together, strengthen our company's position and strengthen our employees and customer base."
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