Magna's Cosma, Guangzhou Auto form chassis joint venture
Canadian supplier Cosma International says it has formed a joint venture with Guangzhou Automobile Group Component Co. to produce chassis components in the central China city of Changsha.
The joint venture, called Changsha Cosma Automotive, will build a factory that will employ 500 to 600 workers.
Construction will begin this year, and the plant will launch production in 2012. The factory initially will produce components for a vehicle to be produced by a joint venture of Guangzhou Auto and Fiat S.p.A.
Cosma, a unit of Magna International Inc., has factories in Shanghai and the northeast Chinese city of Tianjin.
Magna has a total of 15 Chinese factories and seven engineering centers that generate annual sales of $600 million.
