Canadian auto supplier Magna realigns its divisions in four core segments
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Canadian Tier 1 automotive supplier Magna International Inc. today revealed plans to realign its divisions along global product lines. Each segment will reveal sales and some earnings data for the first time beginning in 2018.
The change will provide increased transparency for investors and ensure that the four divisions are structured to reflect how the auto industry is changing as autonomous driving and vehicle electrification develop, the Ontario-based company said.
"The changes we are making to our management structure will enhance our ability to innovate, by fostering greater collaboration and sharing of expertise across the company," Magna chief executive officer Don Walker said in a statement.
The four divisions are: Body Exteriors and Structures, which includes the Cosma metal-forming and structural components business; Power & Vision, which includes engines and transmissions as well as electronics; Seating Systems; which will consist of seat assembly operations and the parts that supply them; Complete Vehicles, which is the company’s contract vehicle assembly business in Steyr, Austria and engineering centers that support that business and vehicle development.
Magna established its first Mexico facility in Puebla in 1991. Currently, the company operates 30 manufacturing sites and a Research Center in Mexico. Together all facilities employ more than 29,000 workers. General Motors, Volkswagen, BMW and Ford Motor are among Magna’s biggest customers.