The joint venture will support Morocco's growing automotive export production.
October 2, 2018 by Canadian Plastics
Automotive parts maker Magna International Inc. has entered into a joint venture with Altran Technologies SA, an automotive concept developer, to tap into a growing automotive export business in the country of Morocco.
Each company will hold a 50 per cent stake in the JV, which is called MG2 and located in Casablanca, Morocco.
Approximately 500 engineers from the two companies will initially staff the joint venture, Aurora, Ont.-based Magna said in a statement.
“Magna is able to further strengthen its competitive position by offering world-class engineering services in Morocco through this joint venture with Altran,” Karl Friedrich-Stracke, president of Magna subsidiary Fahrzeugtechnik & Engineering Magna Steyr, said in the statement. “The availability of strong engineering talent, proximity to Europe and growing OEM presence make Moroccoan ideal location for this new engineering centre.”
Morocco, located on the northernmost tip of Africa and 14 km south of the European continent, offers a low-cost base to produce vehicles for export to Europe, Magna said. “The country has a stated goal of building one million vehicles per year by 2025 and has been successful in attracting automakers and investment in new production plants to achieve that goal,” the company said.
Headquartered in Paris, Altran provides engineering and R&D services for the aerospace, automotive, defense, energy, finance, life sciences, railway and telecommunications sectors.