Magna expands presence in Mexico
January 31, 2011
By Manufacturing AUTOMATION
Magna International Inc. says it will open a new state-of-the-art stamping plant in San Luis Potosi, Mexico.
The facility will be a division of Cosma International, an operating unit of Magna International Inc. and a global automotive body and chassis system supplier. The plant, which will produce stamped and welded assemblies for various automakers, is expected to be approximately 300,000 square feet with the ability to expand up to 450,000 square feet. It will employ approximately 700 people at full capacity.
With the support of federal, state and municipal authorities from Mexico, the company plans to invest more than $100 million US to build the plant. The launch of the plant is scheduled for June 2012.
"The strategic decision to expand operations in Mexico is part of our long-term global strategy of developing in key growth markets," said Don Walker, CEO of Magna. "I would like to thank ProMexico and the San Luis Potosi Government through the Secretariat of Economic Development for their ongoing co-operation and support."
"The Mexican government is focused on supporting Magna International to take advantage of the business opportunities in Mexico," said Carlos Guzman, CEO of the Mexican trade and investment agency ProMexico. "Our government´s interest is to make sure that investment in Mexico, from global leaders such as Magna International, are a success."
Magna has more than 92,000 employees in 248 manufacturing operations and 81 product development, engineering and sales centers in 25 countries.