Magna and BHAP Create Joint Venture to Supply Door Modules to Automakers in China

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JV has been awarded door modules business with German OEMNew facility planned for the Beijing area100 new jobs expected, production to begin in 2021BEIJING, April 26, 2018 — A new joint venture between Magna and Beijing Hainachuan Automotive Parts Co., Ltd. (BHAP) has been formed and has already netted new door module business for a German OEM in China. To accommodate the new business and meet the demands of the Chinese automotive industry, the joint venture partners will establish a new facility in Beijing. The announcement was made at the Beijing Auto Show by executives from both companies.The joint venture and production facility would allow both Magna and BHAP to further expand their presence in China, specifically Beijing, while attracting new customers and strengthening relationships with current ones.“We are pleased to combine Magna’s expertise in mechatronic systems with BHAP’s relationships with automakers in China,” said John O’Hara, Magna Closures, Lighting and Mirrors President.  “This joint venture places both companies in a strategic position to grow and succeed as we support customers in China.”Production within the facility is scheduled to begin in 2021 and is expected to generate over 100 new jobs.“The door module collaboration between BHAP and Magna is a significant step for us as we execute our global strategy,” said Chairman Cai Suping of BHAP.  “Working with our partners, we expect to strengthen our position in both domestic and international markets to grow BHAP into a global automotive supplier to OEMs.”TAGS
Door modules, Chinese joint venture, Beijing manufacturing
INVESTOR CONTACT
Louis Tonelli, Vice-President, Investor Relations
[email protected], 905.726.7035
MEDIA CONTACT
Tracy Fuerst, Global Director of Corporate Communications & PR
[email protected], 248.631.5396
ABOUT MAGNA
We have more than 168,000 entrepreneurial-minded employees dedicated to delivering mobility solutions. We are a mobility technology company and one of the world's largest automotive suppliers with 335 manufacturing operations and 96 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.
ABOUT BHAP
Registered and founded in Beijing in January 2008, Beijing Hainachuan Automotive Parts Co., Ltd. (BHAP) is an international and comprehensive auto parts enterprise group. In 2017, BHAP had operating revenue of RMB 51.2 billion, ranking 68th among the world's top 100 auto parts suppliers selected by the Automotive News.  BHAP has nearly 60 subsidiaries and 16 overseas plants, R&D centers in Europe, North America and Asia Pacific, and more than 20,000 employees world-wide.
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://resource.globenewswire.com/Resource/Download/d9f62a3e-306c-40dd-b9e1-ee0b349f9d6c

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Jasmine Petters

Jasmine Petters

Jasmine hails from the city of Nizams, Hyderabad, and is currently pursuing her M.D. from there only. She is an internet wizard and has keen passion in All Things tech. She is a regular Comment contributor for The Daily Telescope and writes a Web column, in which she covers war, sports, and everything in between.
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