Magna Announces New Management Structure
Automotive supplier Magna International Inc. announced a realignment of its management structure along product lines. The shift is to better align global operations with the long-term strategy tied to the future of mobility. Additionally, it is designed to enhance synergies across product groups and better aligns with customers.
With these management changes, Magna is also introducing new financial reporting segments beginning in 2018. The four newly developed divisions include:
- Body Exteriors & Structures, which includes the body and chassis business (Cosma), exteriors, roof systems, sealing systems and fuel systems operations
- Power & Vision, which includes our powertrain, electronics, mirrors, lighting and closures operations
- Seating Systems, which includes the complete seat assembly facilities and our foam, trim, structures and mechanisms operations, and
- Complete Vehicles, which includes the contract manufacturing operations as well as the complete vehicle engineering centers (Magna Steyr).
Plastics are a part of three of the four divisions, with Magna producing body panels such as lift gates within the exteriors unit, mirrors and lighting for power and vision and foam and other systems in the seating systems business.
According to Magna, the changes to its reporting segments will provide investors with increased transparency, and allow for easier comparisons with its industry peers. "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", says Don Walker, Magna's Chief Executive Officer.
Magna International Europe GmbH
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