Magna Realigns Enterprise Into 4 Major Segments

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UPDATED: 12/19/17 four:15 pm ET – provides inventory shut

Canadian auto elements large Magna Worldwide Inc. mentioned it’s going to realign its divisions and create 4 world, product segments. It plans to report quarterly gross sales and earnings for every unit starting in 2018.

The modifications will present buyers with elevated transparency, and permit for simpler comparisons with the corporate’s business friends, the corporate based mostly close to Toronto mentioned in an announcement on Tuesday.

The 4 newly developed divisions embody:

  • Physique exteriors and constructions, which incorporates the physique and chassis enterprise, exteriors, roof techniques, sealing techniques and gasoline techniques operations;
  • Energy and imaginative and prescient, which incorporates powertrain, electronics, mirrors, lighting and closures operations;
  • Seating techniques, which is comprised of full seat meeting amenities and the provides wanted for seating;
  • Full car meeting, which incorporates contract manufacturing operations and full car engineering facilities.

The shift to 4 segments is “tied to the way forward for mobility,” Magna mentioned within the assertion.

“Particularly, our energy and imaginative and prescient phase has electronics and software program experience, that are essential to our progress,” Magna CEO Don Walker mentioned within the assertion. “The modifications we’re making to our administration construction will improve our capacity to innovate, by fostering higher collaboration and sharing of experience throughout the corporate.”

Magna CFO Vince Galifi mentioned with the modifications in mobility, “we acknowledge the necessity to present the next stage of transparency into Magna.”

A Magna spokesperson mentioned the modifications have been made to make it simpler for buyers to grasp what precisely the corporate does. The modifications do not create any new administration positions.

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