- New structure better aligns with Company's growth strategy and the future of mobility
- Designed to enhance synergies across product groups
- New reporting segments will provide investors with increased transparency
AURORA, ON, Dec. 19, 2017 /PRNewswire/ - Magna International Inc. (TSX: MG; NYSE: MGA) today announced a realignment of its management structure along product lines. The shift better aligns our global operations with our long-term strategy tied to the future of mobility. Additionally, it is designed to enhance synergies across product groups and better aligns with our customers.
With these management changes, we are also introducing new financial reporting segments beginning in 2018. The changes to our reporting segments will provide investors with increased transparency, and allow for easier comparisons with our industry peers. Beginning with the first quarter of 2018, we will report Sales, Adjusted EBIT and other items based on four global, product-oriented operating segments:
- Body Exteriors & Structures includes our body and chassis business (Cosma), exteriors, roof systems, sealing systems and fuel systems operations;
- Power & Vision includes our powertrain, electronics, mirrors, lighting and closures operations;
- Seating Systems is comprised of our complete seat assembly facilities and our foam, trim, structures and mechanisms operations; and
- Complete Vehicles is comprised of our contract manufacturing operations as well as our complete vehicle engineering centers (Magna Steyr).
"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. Specifically, our Power & Vision segment has electronics and software expertise which are critical to our growth. As we address industry trends, including electrification, autonomy and new mobility, we will continue to build on the competitive advantage of our robust portfolio and deep systems knowledge, allowing us to provide our customers with more complete solutions."
- Don Walker, Magna's Chief Executive Officer
"With the changes in mobility, we recognize the need to provide a higher level of transparency into Magna. The new segmentation better aligns our reporting with our peers and will allow the financial community to gain a better understanding of our unique business model."
- Vince Galifi, Magna's Chief Financial Officer
OUR BUSINESS (1)
We have more than 163,000 entrepreneurial-minded employees dedicated to delivering mobility solutions. We are a technology company and one of the world's largest automotive suppliers with 328 manufacturing operations and 99 product development, engineering and sales centres in 29 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.
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.
Louis Tonelli, Vice-President, Investor Relations
Tracy Fuerst, Director of Corporate Communications & PR
(1) Manufacturing operations, product development, engineering and sales centres and employee figures include certain equity-accounted operations.
SOURCE Magna International Inc.