Magna International (MGA +0.2%) announces that it entered into a joint venture cooperation agreement with China's Hubei Aviation Precision Machinery Co.
HAPM is a major Chinese automotive seat mechanism and structure component supplier and a subsidiary company of AVIC Electromechanical Systems Co..
The company says the new JV will bolster is product portfolio in seat mechanisms and structures and will enhance its footprint in Asia.
The deal is expected to close in Q4 after regulatory approvals are lined up.
Source: Press Release