AURORA, Ontario, September 29, 2017 /PRNewswire/ --
Magna International Inc. (TSX: MG; NYSE: MGA) today announced
that it has reached a settlement agreement with the plaintiffs in
the KS Centoco Ltd. ("KS Centoco") legal proceedings. Under the
settlement agreement, Magna will relinquish its 23% equity interest
in KS Centoco and pay CAD$25 million
in exchange for a full and final release of all claims. Although
the full terms of the settlement agreement are subject to
confidentiality restrictions, the impact of the settlement on
Magna's financial condition and results of operations is not
significant.
OUR BUSINESS(1)
We are a leading global automotive supplier with 327 manufacturing
operations and 100 product development, engineering and sales
centres in 29 countries. We have over 161,000 employees focused on
delivering superior value to our customers through innovative
products and processes, and world class manufacturing. We have
complete vehicle engineering and contract manufacturing expertise,
as well as product capabilities which include body, chassis,
exterior, seating, powertrain, active driver assistance, vision,
closure and roof systems and have electronic and software
capabilities across many of these areas. Our common shares trade on
the Toronto Stock Exchange (MG) and the New York Stock Exchange
(MGA). For further information about Magna, visit our website
at http://www.magna.com.
(1)Manufacturing operations, product development,
engineering and sales centres and employee figures include certain
equity-accounted operations.
INVESTOR CONTACT: Louis Tonelli,
Vice-President, Investor Relations, louis.tonelli@magna.com,
905.726.7035; MEDIA CONTACT: Tracy
Fuerst, Director of Corporate Communications & PR,
tracy.fuerst@magna.com, 248.631.5396