Magna Enters Joint Venture With LAN to Assemble Seats in Michigan
22 Februar 2022 - 5:42PM
Today Magna announced it has entered into a joint venture (“JV”)
with LAN Manufacturing, a minority-owned automotive supplier based
in Michigan. The JV, to be called LM Manufacturing, will assemble
complete seats for various trucks and SUVs for Ford Motor Company
operating from a 296,000 square-foot leased facility in Detroit,
Michigan. Magna will own a 49% stake.
Production is scheduled to begin in the second quarter of 2023
and is expected to bring-in more than 390 jobs to the city of
Detroit. The Michigan Strategic Fund has awarded a $2 million grant
to the JV.
“We are excited about this opportunity with LM Manufacturing as
we continue supporting Ford on some of their high-volume vehicle
programs,” said Magna Seating President John Wyskiel. “We expect
the joint venture to complement the seating capabilities and
footprint we already have in the state.”
“As a minority business enterprise, we are especially excited to
invest in the city of Detroit and to work with Magna, a leading
mobility technology company,” said Sylvester Hester, CEO of LAN,
and President of LM Manufacturing.
“This investment by LM Manufacturing in Michigan demonstrates
the strength of our mobility and EV ecosystem, as well as our
state’s continued automotive manufacturing
prowess,” said Quentin Messer, Jr., CEO of the MEDC and
President and Chair of the Michigan Strategic Fund. “This project
is a win for Southeast Michigan and for the entire state. It is a
team effort with the Detroit Regional Partnership and our other
local partners to bring these jobs to Detroit residents. We look
forward to working with LM Manufacturing as collectively, we shape
the future of transportation.”
TAGSJoint venture, JV, automotive seat assembly
INVESTOR CONTACTLouis Tonelli, Vice-President, Investor
Relations louis.tonelli@magna.com, 905.726.7035
MEDIA CONTACTTracy Fuerst, Vice President, Corporate
Communications & PRtracy.fuerst@magna.com, 248.761.7004
ABOUT MAGNAMagna is more than one of the world’s largest
suppliers in the automotive space. We are a mobility technology
company with a global, entrepreneurial-minded team of 158,000
employees and an organizational structure designed to innovate like
a startup. With 60+ years of expertise, and a systems approach to
design, engineering and manufacturing that touches nearly every
aspect of the vehicle, we are positioned to support advancing
mobility in a transforming industry. Our global network includes
343 manufacturing operations and 91 product development,
engineering and sales centres spanning 28 countries.For further
information about Magna (NYSE:MGA; TSX:MG), please visit
www.magna.com or follow us on Twitter @MagnaInt.
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