| Intier Automotive Seating, an
operating group of Magna International, has agreed to form a 50/50 joint
venture with DAS Korea.
Intier DAS Seating Systems has been formed to pursue opportunities within
the growing Asian region for the production of complete seats and seating
mechanisms. The joint venture expects to commence assembly of complete
seats in China and Korea, as well as the manufacture of seating mechanisms
in China as early as 2006.
Richard Banfield, president, Intier Automotive Seating said: "We
chose DAS because of their local expertise and long history in the Asian
region. Their strength in seat mechanisms complements our global capabilities
and product portfolio."
Sung Woo Kim, president, DAS Korea added: "We are excited to partner
with Intier Automotive Seating, a strong partner with a global reach in
complete seating systems. Intier is well known for its design innovations,
craftsmanship and speed to market. Together we will leverage many market
opportunities."
DAS Korea is a leading Asian supplier in developing and manufacturing
seating mechanisms. DAS has a long history in supplying seating mechanisms
to Hyundai Motor Company and Kia Motor Company in Korea, China, North
America and Europe. Additionally, DAS supplies seating mechanisms to other
global OEMs and Tier I suppliers.
Intier Automotive Seating is an innovative leader in the development and
manufacture of complete seating systems and seating mechanisms for the
automotive industry. The group employs approximately 10,000 people at
33 manufacturing and research and development facilities in 10 countries.
Magna International, one of the most diversified automotive supplier in
the world, designs, develops and manufactures automotive systems, assemblies,
modules and components, and engineers and assembles complete vehicles,
primarily for sale to original equipment manufacturers of cars and light
trucks in North America, Europe, Asia and South America. Its capabilities
include the design, engineering, testing and manufacture of automotive
interior and closure systems; metal body and structural systems; exterior
and interior mirror and engineered glass systems; exterior systems, including
front and rear end modules, plastic body panels, exterior trim and other
systems; various powertrain and drivetrain systems; as well as, complete
vehicle engineering and assembly.
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