Magna Forms Body/Chassis Venture in China

Magna International Inc. and Chongqing Xingqiaorui are forming a joint venture to supply body and chassis components to carmakers in China. Financial details were not disclosed.

Xingqiaorui will contribute three factories (one in Hangzhou and two in Chongqing). Magna's Cosma International unit will add its Chongqing manufacturing plant.

Magna will hold 53% of the venture, and Xingqiaorui will own the remaining 47%. The partners expect the venture to be finalized late this year or in early 2016.