Magna Int'l (MGA) - Get Magna International Inc. Report, a leading global automotive supplier, today said that it has entered into a joint venture with China's Hubei Aviation Precision Machinery (HAPM), a Chinese automotive seating supplier.
The deal, subject to regulatory approval, is expected to close in the fourth quarter of 2017.
HAPM is a subsidiary of AVIC Electromechanical Systems and designs, develops and manufactures a broad range of automotive seating products.
The venture brings together two innovative suppliers in the seating market to deliver a stronger product portfolio and advanced technology development to customers, Magna said.
"We are very pleased to establish such a cooperative relationship with Magna. As a world leading automotive supplier, Magna's global resources and expertise will be vital to the joint venture's success," Chairman of AVICEM Wang Jian said.
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