Magna to Open Stamping Plant in Mexico
To be built in San Luis Potosi, the facility will be a division of Cosma International, employing 700 people. Covering 300,000 square feet (with the possibility to expand it further to 450,000 square feet), will cost Magna and federal, state and municipal authorities some $100 million.
When it becomes operational, the new Cosma facility will be in charge with manufacturing body and chassis systems for several car makers in the world. More precisely, the plant will manufacture stamped and welded assemblies to be used in vehicles around the world.
"The strategic decision to expand operations in Mexico is part of our long-term global strategy of developing in key growth markets," said Don Walker, Magna's Ceo, when he made the announcement at the World Economic Forum in Davos, Switzerland. "I would like to thank ProMexico and the San Luis Potosi Government through the Secretariat of Economic Development for their ongoing cooperation and support."
"The Mexican government is focused on supporting Magna International to take advantage of the business opportunities in Mexico," added Carlos Guzman, CEO of the Mexican trade and investment agency ProMexico, the Mexican Government institution in charge of strengthening Mexico's participation in the international economy.
"Our government's interest is to make sure that investment in Mexico, from global leaders such as Magna International, are a success."