Magna says it will open new Chinese seat-making facility
By Allison Lampert
MONTREAL, March 9 (Reuters) - Canadian auto parts maker Magna International Inc said on Wednesday it will open a new seat-making facility in China to supply Zhejiang Geely Holding Group Co's Volvo car group.
The 5,200-square-metre facility in Taizhou, China, is to be completed by mid-2016, Magna said in a news release published during a Toronto event for investors and analysts. It will produce complete seating systems for a small crossover utility vehicle, Magna said.
"This new facility helps us support a new customer and expands our footprint in China, both of which are key to growing our global seating business," Mike Bisson, president of Magna Seating, said in the release.
Ontario-based Magna, which earns about half of its revenue from outside North America, has a customer list that includes General Motors Co, Volkswagen AG and Ford Motor Co. (Additional reporting By Euan Rocha in Toronto; Editing by Bill Trott)
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