Cosma International and Shin Young Metal Announce Joint Venture; Joint Venture Provides a Platform for Future Growth in Global Automotive Markets
Posted Apr 25, 2006 07:13 (GMT +7)
TROY, Mich.--(BUSINESS WIRE)--April 24, 2006
Cosma International, an operating group of Magna International Inc. and a leading global automotive metal-forming supplier, and Shin Young Metal Ind. Co., a Korean-based supplier of major stampings, welded assemblies and tooling to the automotive industry, today announced the formation of a joint venture between their two companies. The transaction, in which Cosma has purchased a 32% interest in Shin Young Metal, was finalized on April 14, 2006.
Cosma International's president, Horst Prelog, said, ""This joint venture is a significant step forward for both of our companies. It will bring two world-class manufacturers together and will result in a growth-oriented vision that is focused on leveraging each other's strengths and relationships. It also provides a platform from which Cosma can expand its global opportunities to provide advanced metal-forming solutions to Korea-based OEMs.""
""We welcome this joint venture with Cosma as it provides Shin Young with significant opportunities for growth outside of our home market,"" commented Mr. Ho Gap Kang, CEO of Shin Young Metal. ""Cosma International and Shin Young will explore together any global opportunities for mutual benefits.""
About Magna International
Magna International (www.magna.com), the most diversified automotive supplier in the world, designs, develops and manufactures automotive systems, assemblies, modules and components, and engineers and assembles complete vehicles, primarily for sale to original equipment manufacturers of cars and light trucks in North America, Europe, Asia and South America. Magna's capabilities include the design, engineering, testing and manufacture of automotive interior and closure systems; metal body and structural systems; exterior and interior mirror and engineered glass systems; exterior systems, including front and rear end modules, plastic body panels, exterior trim and other systems; various powertrain and drivetrain systems; as well as complete vehicle engineering and assembly.
Magna has over 82,000 employees in 224 manufacturing operations and 58 product development and engineering centres in 22 countries.
Cosma International (www.cosma.com), a wholly owned group of Magna International, manufactures a comprehensive range of metal body systems, components, assemblies and modules including complete vehicle frames, chassis systems, and body-in-white systems using a variety of innovative processes including hydroforming, stamping, and roll forming. Cosma has 37 manufacturing facilities and 12 product development and engineering centres worldwide.
About Shin Young Metal
Shin Young Metal (www.shym.co.kr) has been a key player in the Korean automotive industry since it was established 30 years ago. Shin Young and its related companies are involved in stamping and assembly, tool and die design, construction, try-out, production and assembly of automotive components. Shin Young, a tier one vendor of Hyundai Motor Company, has over 800 employees in five manufacturing operations in Korea, including a very competitive tool and die facility. Also SMART, Shin Young's related company located in Alabama (USA) is supplying stamping parts to Hyundai Motor Manufacturing Alabama. While experiencing 1300% sales growth in the last 6 years, the company has been widely recognized for its technological capabilities in overseas markets of North America, Japan, China and Mexico as well as in the domestic market.
CONTACT: Cosma International
Jim Tobin, 248-524-5300
Executive Vice President of Sales, Marketing"
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