Magna realigns management structure and financial reporting segments
Aurora, Ont.-based Magna said the realignment will create four global, product segments. Additionally, the company plans to report quarterly sales and earnings for each unit beginning in 2018.
In a move designed to “enhance synergies across product groups…and better align with customers,” Canadian auto parts supplier Magna International Inc. will realign its management structure along product lines.
In a statement, Aurora, Ont.-based Magna said the realignment will create four global, product segments. Additionally, the company plans to report quarterly sales and earnings for each unit beginning in 2018.
The four newly developed divisions include:
- Body exteriors and structures, which includes the body and chassis business, exteriors, roof systems, sealing systems and fuel systems operations.
- Power and vision, which includes powertrain, electronics, mirrors, lighting and closures operations.
- Seating systems, which is comprised of complete seat assembly facilities and the supplies needed for seating.
- Complete vehicle assembly, which includes contract manufacturing operations and complete vehicle engineering centers.
“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,” Don Walker, Magna’s CEO, said in the statement. “Specifically, our ‘Power and 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.”