Magna Forms Four Global Product Groups

Canadian mega-supplier Magna International Inc. is realigning its management structure into four global product lines to buttress its strategic response to industrywide shifts in personal mobility.

The four new sectors are:

• Body Exteriors and Structures, which consists of body/chassis operations (Cosma), exterior components, fuel systems, roof systems and sealing products
• Power and Vision, which comprises the company’s electronics, closures, mirrors and powertrain businesses
• Seating, which encompasses foam, mechanisms, structures and trim
• Complete Vehicles, consisting of its Magna Steyr vehicle engineering and contract manufacturing operations

Magna will begin reporting separate sales, pretax earnings and other financial details for each sector, beginning in the first quarter of 2018.

The new structure aims to improve collaboration and efficiencies across product areas. Magna says the realignment also will increase transparency and make it easier for investors to compare the company’s performance with its peers.