Business Insider
(RTTNews) – Automotive supplier Magna International Inc. (MGA.TO, MGA) has formed a joint venture with Altran Technologies SA in Morocco to support the country’s growing export production, the two companies said Tuesday.
Magna said its complete vehicle engineering and manufacturing group and Altran, a provider of engineering and R&D services, each hold 50 percent of the joint-venture company.
The joint venture, under the name MG2, will be located in Casablanca, Morocco, and brings together Magna’s complete vehicle know-how and process competence as well as Altran’s strengths as a locally established partner.
Approximately 500 engineers from the two companies will initially staff the joint venture. Initial engineering activities will be with European automakers for global markets.
“Altran is thrilled to be moving forward with Magna to offer end-to-end development capabilities for the automotive industry, including design, manufacturing and system development, thus covering the complete value chain,” said Meryem Chami, CEO of Altran Morocco.
Morocco, 14 km south of the European continent, offers a low-cost base to produce vehicles for export to Europe. The country has a stated goal of building one million vehicles per year by 2025 and has been successful in attracting automakers as well as investment in new production plants to achieve that goal.
