"Receiving this third-generation frame business from GM is a real testament to our ability to deliver on key areas including cost and quality," said Horst Prelog, President, Cosma International. "GM is a long-term valued customer of ours and we look forward to continuing our partnership with them."
Magna International was the big loser of the Opel saga, with the Canadian - Austrian partsmaker once in pole-position to take over the German brand. Still, after months of negotiations, the US-based manufacturer decided to cancel the sale and keep Opel.
But even so, Magna said it will continue to collaborate with General Motors in the supplying business and today's agreement is the living proof that the company is willing to concentrate on its core operations.
"We understand that the Board concluded that it was in GM's best interests to retain Opel, which plays an important role within GM's global organization. We will continue to support Opel and GM in the challenges ahead and wish to thank everyone who supported the Opel restructuring process for their tireless efforts and dedication over the past several months. In particular, we wish to thank our partner, Sberbank, for its significant contribution and support throughout this process," Siegfried Wolf, Magna's Co-Chief Executive Officer, said in an official statement in early November after GM announced its plans to retain Opel.
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