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Magna International Inc. (MGA) - free report >>
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Magna International Inc. (MGA) - free report >>
Advance Auto Parts, Inc. (AAP) - free report >>
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Magna (MGA) Opens Another Seating Facility in Czech Republic
Magna International Inc. (MGA - Free Report) has opened a seating business and facility in Chomutov, Czech Republic, with BMW AG. The company’s facility will offer seating systems in a variety of configurations to support assembling BMW’s numerous vehicle models.
With an aim to increase efficiency and offer value products to customers, the hub utilizes smart factory manufacturing concepts. Having a manufacturing area of 6,000 square meters, the plant has the capability to create more than 360,000 sets of seats in a year. The current employee count of the hub is 150, which is expected to double in 2019. Manufacturing at the hub is anticipated to start by 2018 end.
The company’s seating business has six research and development centers, and 50 manufacturing locations across the globe. Out of total production locations, 16 hubs are in Europe, with five in Czech Republic.
This is not the first plant that Magna opened to supply seats for BMW’s vehicles. In March 2018, Magna announced that it opened a 230,000-sq-ft plant in Moore, SC. Manufactured seating systems at the Moore plant are supplied for the production of BMW’s X models.
Per Magna’s management, winning business from BMW, which is an existing customer, is significant for its global expansion. Further, the new business demonstrates Magna’s cost-saving and innovative seating solutions.
A few other stocks in the auto space are Allison Transmission Holdings, Inc. (ALSN - Free Report) , Advance Auto Parts, Inc. (AAP - Free Report) and AB Volvo (VLVLY - Free Report) . The long-term growth rate of Allison Transmission, Advance Auto and LKQ Corporation are 10%, 12.3% and 15%, respectively.
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