Canadian global automotive supplier Magna International has announced new management structure and financial reporting segments.
The shift better aligns our global operations with our long-term strategy tied to the future of mobility. Additionally, it is designed to enhance synergies across product groups and better aligns with our customers.
The changes to our reporting segments will provide investors with increased transparency, and allow for easier comparisons with our industry peers. Beginning with the first quarter of 2018, we will report Sales, Adjusted EBIT and other items based on four global, product-oriented operating segments:
Body Exteriors & Structures includes our body and chassis business (Cosma), exteriors, roof systems, sealing systems and fuel systems operations;
Power & Vision includes our powertrain, electronics, mirrors, lighting and closures operations;
Seating Systems is comprised of our complete seat assembly facilities and our foam, trim, structures and mechanisms operations; and
Complete Vehicles is comprised of our contract manufacturing operations as well as our complete vehicle engineering centers (Magna Steyr).
"The changes we are making to our management structure will enhance our ability to innovate, by fostering greater collaboration and sharing of expertise across the company. Specifically, our Power & Vision segment has electronics and software expertise which are critical to our growth. As we address industry trends, including electrification, autonomy and new mobility, we will continue to build on the competitive advantage of our robust portfolio and deep systems knowledge, allowing us to provide our customers with more complete solutions." Don Walker, Magna's Chief Executive Officer
"With the changes in mobility, we recognize the need to provide a higher level of transparency into Magna. The new segmentation better aligns our reporting with our peers and will allow the financial community to gain a better understanding of our unique business model." Vince Galifi, Magna's Chief Financial Officer
