{"id":518664,"date":"2021-07-28T05:03:06","date_gmt":"2021-07-28T09:03:06","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/lg-and-magna-sign-joint-venture-agreement-and-announce-leadership-team\/"},"modified":"2021-07-28T05:03:06","modified_gmt":"2021-07-28T09:03:06","slug":"lg-and-magna-sign-joint-venture-agreement-and-announce-leadership-team","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/lg-and-magna-sign-joint-venture-agreement-and-announce-leadership-team\/","title":{"rendered":"LG and Magna Sign Joint Venture Agreement and Announce Leadership Team"},"content":{"rendered":"

\nNew Company to Fuse Magna\u2019s and LG\u2019s Electric Powertrain Strengths to Accelerate E-Drive Component Development
\n<\/h2>\n
\n

SEOUL, South Korea and AURORA, Ontario, July 28, 2021 (GLOBE NEWSWIRE) — LG Electronics (LG) and Magna International Inc. (Magna) today signed the transaction agreement which establishes a joint venture between the two companies. The new company, to be called LG Magna e-Powertrain, is headquartered in Incheon, South Korea and will be led by a strong management team.<\/p>\n

Leading the new company will be CEO Cheong Won-suk, a 20-year LG veteran who was most recently vice president and head of the LG Vehicle component Solutions Company\u2019s Green Business. Prior to LG, Cheong spent nearly a decade with Daewoo Motors R&D.<\/p>\n

Javier Perez, who has been with Magna since 2016, will be the new company\u2019s COO. He will be responsible for overseeing the day-to-day operations of the joint venture. Perez brings nearly a quarter century of automotive manufacturing and quality control experience to LG Magna e-Powertrain, 18 of those years based in Asia.<\/p>\n

The creation of the joint venture unifies Magna\u2019s strength in electric powertrain systems and world-class automotive manufacturing, with LG\u2019s expertise in component development for e-motors and inverters. Announcing LG Magna e-Powertrain\u2019s executive team marks a key milestone for the joint venture company, which will manufacture e-motors, inverters and on-board chargers and, for certain automakers, related e-drive systems.<\/p>\n

The design, engineering and manufacturing synergies created by LG Magna e-Powertrain is expected to enable both companies to quickly react to market trends and capitalize on the growing global shift toward vehicle electrification. The new company will develop powertrain components that offer automakers a scalable portfolio, from complete solutions enabling electrification and functionality to integrating intelligent\u00a0operating software and controls in new e-drive systems.<\/p>\n

\u201cPartnering with Magna enables LG to scale-up its global production, provide additional business opportunities and offer synergies in procurement and technological innovation,\u201d said CEO Cheong. \u201cThe integrated and collaborative approach is expected to deliver quickly for customers and capitalize on the rapid growth of the worldwide electric powertrain market.\u201d<\/p>\n

\u201cThe market for e-motors, inverters and electric drive systems is expected to have significant growth between now and 2030. Our joint venture company brings together experts from Magna and LG to deliver a world-class portfolio of electric solutions,\u201d said COO Perez. \u201cLeveraging existing technologies, engineering capabilities and global footprints, LG Magna e-Powertrain seeks to enable advancements that help automakers achieve some of the biggest challenges ahead in electrifying their full vehicle lineups.\u201d<\/p>\n

LG Magna e-Powertrain will be made up of more than 1,000 employees in the United States, South Korea and China.<\/p>\n

TAGS: joint venture, electrification, electric vehicles, e-motors, e-drives<\/p>\n

INVESTOR CONTACTS:<\/p>\n

Louis Tonelli, Vice President, Magna Investor Relations
louis.tonelli@magna.com, +1.905.726.7035<\/p>\n

Scott Sim, Head, LG Investor Relations
scott.sim@lge.com, +82.2.3777.3501<\/p>\n

MEDIA CONTACTS:<\/p>\n

Tracy Fuerst, Vice President, Magna Global Corporate Communications & PR
tracy.fuerst@magna.com, +1.248.761.7004<\/p>\n

Ken Hong, Head, LG Global Corporate Communications
ken.hong@lge.com, +82.2.3777.3626<\/p>\n

\n About LG Electronics Inc.
<\/strong>LG Electronics is a global innovator in technology and consumer electronics with a presence in almost every country and an international workforce of more than 75,000. LG\u2019s four companies \u2013 Home Appliance & Air Solution, Home Entertainment, Vehicle component Solutions and Business Solutions \u2013 combined for global sales of over USD 56 billion in 2020. LG is a leading manufacturer of consumer and commercial products ranging from TVs, home appliances, air solutions, monitors, service robots, automotive components and its premium LG SIGNATURE and intelligent LG ThinQ brands are familiar names world over. Visit www.LGnewsroom.com for the latest news.<\/p>\n

\n About Magna<\/strong>
\n
Magna is more than one of the world\u2019s largest suppliers in the automotive space. We are a mobility technology company with a global, entrepreneurial-minded team of 158,000 employees and an organizational structure designed to innovate like a startup. With 60+ years of expertise, and a systems approach to design, engineering and manufacturing that touches nearly every aspect of the vehicle, we are positioned to support advancing mobility in a transforming industry. Our global network includes 347 manufacturing operations and 84 product development, engineering and sales centres spanning 28 countries.<\/p>\n

For further information about Magna (NYSE:MGA; TSX:MG), please visit\u00a0www.magna.com<\/a>\u00a0or follow us on Twitter @MagnaInt.<\/p>\n

\n FORWARD-LOOKING STATEMENTS<\/u>
\n
CERTAIN STATEMENTS IN THIS RELEASE CONSTITUTE \u201cFORWARD-LOOKING INFORMATION\u201d OR \u201cFORWARD-LOOKING STATEMENTS\u201d (COLLECTIVELY, \u201cFORWARD-LOOKING STATEMENTS\u201d) UNDER APPLICABLE SECURITIES LEGISLATION. WE USE WORDS SUCH AS “WILL”, \u201cBELIEVE\u201d, “EXPECT” AND SIMILAR EXPRESSIONS SUGGESTING FUTURE OUTCOMES OR EVENTS TO IDENTIFY FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS IN THIS PRESS RELEASE INCLUDE, BUT ARE NOT LIMITED TO, STATEMENTS RELATING TO: GROWTH IN THE MARKETS FOR INVERTERS, E-MOTORS AND ELECTRIC DRIVE SUB-SYSTEMS; OUR ABILITY TO CAPITALIZE ON, AND ACCELERATE GROWTH IN, THE ELECTRIC POWERTRAIN MARKET; AND ACCELERATION OF TIME TO MARKET AND SCALE OF MANUFACTURING OF ELECTRIFICATION COMPONENTS. THE FORWARD-LOOKING STATEMENTS IN THIS RELEASE ARE SUBJECT TO, AND EXPRESSLY QUALIFIED BY, THE CAUTIONARY DISCLAIMERS THAT ARE SET OUT IN MAGNA\u2019S REGULATORY FILINGS. PLEASE REFER TO MAGNA\u2019S MOST CURRENT MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL POSITION, ANNUAL INFORMATION FORM AND ANNUAL REPORT ON FORM 40-F, AS REPLACED OR UPDATED BY ANY OF MAGNA\u2019S SUBSEQUENT REGULATORY FILINGS, WHICH SET OUT THE CAUTIONARY DISCLAIMERS, INCLUDING THE RISK FACTORS THAT COULD CAUSE ACTUAL EVENTS TO DIFFER MATERIALLY FROM THOSE INDICATED BY SUCH FORWARD-LOOKING STATEMENTS. THESE DOCUMENTS ARE AVAILABLE FOR REVIEW ON MAGNA\u2019S WEBSITE AT WWW.MAGNA.COM<\/a>.<\/p>\n

A photo accompanying this announcement is available at https:\/\/www.globenewswire.com\/NewsRoom\/AttachmentNg\/37245e5e-e186-436f-9e5b-455be470ea61<\/a><\/p>\n


\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

New Company to Fuse Magna\u2019s and LG\u2019s Electric Powertrain Strengths to Accelerate E-Drive Component Development SEOUL, South Korea and AURORA, Ontario, July 28, 2021 (GLOBE NEWSWIRE) — LG Electronics (LG) and Magna International Inc. (Magna) today signed the transaction agreement which establishes a joint venture between the two companies. The new company, to be called LG Magna e-Powertrain, is headquartered in Incheon, South Korea and will be led by a strong management team. Leading the new company will be CEO Cheong Won-suk, a 20-year LG veteran who was most recently vice president and head of the LG Vehicle component Solutions Company\u2019s Green Business. Prior to LG, Cheong spent nearly a decade with Daewoo Motors R&D. Javier Perez, who has been … <\/p>\n

Continue reading “LG and Magna Sign Joint Venture Agreement and Announce Leadership Team”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-518664","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nLG and Magna Sign Joint Venture Agreement and Announce Leadership Team - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/lg-and-magna-sign-joint-venture-agreement-and-announce-leadership-team\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"LG and Magna Sign Joint Venture Agreement and Announce Leadership Team - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"New Company to Fuse Magna\u2019s and LG\u2019s Electric Powertrain Strengths to Accelerate E-Drive Component Development SEOUL, South Korea and AURORA, Ontario, July 28, 2021 (GLOBE NEWSWIRE) — LG Electronics (LG) and Magna International Inc. (Magna) today signed the transaction agreement which establishes a joint venture between the two companies. The new company, to be called LG Magna e-Powertrain, is headquartered in Incheon, South Korea and will be led by a strong management team. Leading the new company will be CEO Cheong Won-suk, a 20-year LG veteran who was most recently vice president and head of the LG Vehicle component Solutions Company\u2019s Green Business. Prior to LG, Cheong spent nearly a decade with Daewoo Motors R&D. 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