Magna Produces Ten Millionth Rearview Camera in Holly, Michigan

TROY, MI, Sept. 2, 2014 /PRNewswire/ - Magna International Inc. has reached a production milestone at its electronics facility in Holly, Michigan, where the 10 millionth automotive rearview camera was recently manufactured.

With more than 130,000 square feet of engineering and manufacturing space and approximately 390 employees, Magna Electronics Holly is the only rearview camera maker in the United States and the North American market leader in automotive camera manufacturing. Serving many of the world's leading auto makers, Holly ships its cameras to 47 different locations in North and South America, Europe and Asia. It began manufacturing cameras in 2005 and has steadily increased its annual output as rearview monitors and other camera-based driver assistance systems have grown in popularity.

The Holly operation also serves as the global incubator for Magna's camera products and the manufacturing expertise required to make them. Since establishing its camera-manufacturing template in Holly, Magna has duplicated the processes and equipment in its facilities in Germany and China to achieve consistently high quality and the ability to support customers on a global basis.

"This milestone is a testament to our innovative spirit and commitment to world-class manufacturing," said Olaf Bongwald, Vice President Magna Electronics. "As driver assistance technologies continue to expand globally, Magna looks forward to sustained market leadership and future production milestones."

Earlier this year, the U.S. National Highway Traffic Safety Administration ("NHTSA") adopted a rule mandating rear visibility technology in all vehicles under 10,000 lbs. manufactured on or after May 1, 2018. Since rearview cameras offer auto makers a cost-effective and reliable way to comply with the recent NHTSA rule, Magna expects to realize additional opportunities to further enhance its leadership position in this product area.

Magna's complete portfolio of camera and driver assistance systems includes rearview, side-view and front-facing cameras that support systems such as adaptive cruise control, collision mitigation braking, 360° bird's-eye view and automated parking.

"With engineering and manufacturing teams in the U.S., Germany and China, Magna is uniquely positioned to support our global customers with our innovative camera technology," said Swamy Kotagiri, Magna's Chief Technical Officer. "Cameras are a highly flexible sensor to include in an automobile - once we have one or more cameras in place, there are many natural applications for driver assistance and safety that enhance the driving experience."

Magna Electronics Holly was recognized last month by the I-69 Next Michigan Development Corporation for job creation and the positive impact the facility has made on mid-Michigan.

About Magna International

We are a leading global automotive supplier with 317 manufacturing operations and 83 product development, engineering and sales centres in 29 countries. We have over 130,000 employees focused on delivering superior value to our customers through innovative products and processes, and World Class Manufacturing. Our product capabilities include producing body, chassis, interior, exterior, seating, powertrain, electronic, vision, closure and roof systems and modules, as well as complete vehicle engineering and contract manufacturing. Our Common Shares trade on the Toronto Stock Exchange (MG) and the New York Stock Exchange (MGA). For further information about Magna, visit our website at www.magna.com.

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.

SOURCE Magna International Inc.

Image with caption: "Magna recently manufactured its 10 millionth rearview camera since starting in 2005. Magna's electronics plant in Holly, Mich., is the only rearview camera maker in the United States. (CNW Group/Magna International Inc.)". Image available at: http://photos.newswire.ca/images/download/20140902_C8303_PHOTO_EN_42595.jpg




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