9.28Magna to buy $1 billion worth of spare parts in China in 2012

Magna to buy $1 billion worth of spare parts in China in 2012

 

http://autonews.gasgoo.com/auto-news/1012361/Magna-to-buy-1-billion-worth-of
-spare-parts-in-China-in-2012.html

 

Shanghai, September 28 (Gasgoo.com) Magna International Inc, taking
advantages of China's cheaper costs, plans to significantly increase its
sourcing of spare parts in China by 2012. 

 

"By 2012 we expects to purchase spare parts in China worth US$1 billion to
use in markets outside of this nation, " said Du Min, executive director of
global purchasing at China for Magna. 

 

Du said Magna's purchasing budget for the Chinese market has increased to
US$407 million in 2008 from US$262 million in 2006. The Canadian auto parts
supplier has procurement centers in North America, Europe as well as Asia. 

 

General Motors Co agreed on September 10 to sell a 55 percent stake in its
Opel unit to Magna and a Moscow-based bank.

 

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