AURORA, Canada, Nov. 3, 2009 (PR Newswire Europe) --
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Magna International Inc. (TSX: MG.A, NYSE: MGA) today announced that it
has been advised by General Motors ("GM") that the GM Board of Directors has
decided to terminate the sale process for Opel.
Siegfried Wolf, Magna's Co-Chief Executive Officer stated: "We understand
that the Board concluded that it was in GM's best interests to retain Opel,
which plays an important role within GM's global organization. We will
continue to support Opel and GM in the challenges ahead and wish to thank
everyone who supported the Opel restructuring process for their tireless
efforts and dedication over the past several months. In particular, we wish
to thank our partner, Sberbank, for its significant contribution and support
throughout this process."
We are the most diversified global automotive supplier. We design,
develop and manufacture technologically advanced systems, assemblies, modules
and components, and engineer and assemble complete vehicles, primarily for
sale to original equipment manufacturers ("OEMs") of cars and light trucks.
Our capabilities include the design, engineering, testing and manufacture of
automotive interior systems; seating systems; closure systems; body and
chassis systems; vision systems; electronic systems; exterior systems;
powertrain systems; roof systems; as well as complete vehicle engineering and
assembly.
We have approximately 72,000 employees in 242 manufacturing operations
and 86 product development, engineering and sales centres in 25 countries.
FORWARD-LOOKING STATEMENTS
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This press release may contain statements that, to the extent that they
are not recitations of historical fact, constitute "forward-looking
statements" within the meaning of applicable securities legislation.
Forward-looking statements may include financial and other projections, as
well as statements regarding our future plans, objectives or economic
performance, or the assumptions underlying any of the foregoing. We use words
such as "may", "would", "could", "will", "likely", "expect", "anticipate",
"believe", "intend", "plan", "forecast", "project", "estimate" and similar
expressions to identify forward-looking statements. Any such forward-looking
statements are based on assumptions and analyses made by us in light of our
experience and our perception of historical trends, current conditions and
expected future developments, as well as other factors we believe are
appropriate in the circumstances.
