AURORA, Canada, January 16 /PRNewswire/ --
- Joint Venture Provides Global Support for Korean Automaker
Cosma International, an operating unit of Magna International Inc. and a leading global automotive metalforming supplier, and its joint-venture partner Shin Young Metal Ind. Co., a Korea-based automotive supplier, today announced a major new-business award from Hyundai Motor Corporation.
Cosma and Shin Young Metal will supply major stampings and welded assemblies to Hyundai's new assembly plant in St. Petersburg, Russia, which, is expected to be operational in 2010. Cosma and Shin Young Metal will supply Hyundai from a greenfield manufacturing facility to be built in close proximity to the Hyundai assembly plant.
Jim Tobin, Magna International's Executive Vice President of Business Development and President of Magna Asia, said, "This new business with Hyundai shows the joint venture between Cosma and Shin Young Metal effectively supports the global expansion of our OEM partners. We look forward to supporting the growth of Hyundai and the Russian automotive market through our combined global footprint and expertise."
"Shin Young Metal and Cosma are excited about this tremendous opportunity and are committed to providing best-in-class support to Hyundai," commented Mr. Ho Gap Kang, CEO of Shin Young Metal.
About Shin Young Metal
Shin Young Metal was established 30 years ago and has become a key player in the Korean automotive industry. Shin Young and its related companies are involved in stamping and assembly, tool and die design, construction, try-out, and production and assembly of automotive components.
About Cosma
Cosma International (http://www.cosma.com), an operating unit of Magna
International, manufactures a comprehensive range of metal body systems, components, assemblies and modules including complete vehicle frames, chassis systems and body-in-white systems using a variety of innovative processes including hydroforming, stamping and roll forming. Cosma has 37 manufacturing facilities and 12 product development and engineering centers worldwide.
About Magna International
Magna is the most diversified automotive supplier in the world. Magna designs, develops and manufactures automotive systems, assemblies, modules and components, and engineers and assembles complete vehicles, primarily for sale to original equipment manufacturers of cars and light trucks in North America, Europe, Asia, South America and Africa. Magna's capabilities include the design, engineering, testing and manufacture of automotive interior systems; seating systems; closure systems; metal body and chassis systems; vision systems; electronic systems; exterior systems; powertrain systems; roof systems; as well as complete vehicle engineering and assembly.
Magna has approximately 83,000 employees in 240 manufacturing operations and 62 product development and engineering centers in 23 countries.
