Intier Automotive Seating Forms Joint Venture With DAS Korea

AURORA, Ontario, Sept. 29 /PRNewswire/ -- Intier Automotive Seating, an operating group of Magna International Inc., today announced that it 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 commented: "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 stated: "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, 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.

Magna International has approximately 82,000 employees in 220 manufacturing operations and 56 product development and engineering centers in 22 countries.

For further information, please contact Louis Tonelli, Vice President, Investor Relations at 905-726-7035.

CONTACT: Louis Tonelli, Vice President, Investor Relations of Magna
International Inc., +1-905-726-7035


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