Press release
Source: Magna International Inc.
Aurora, ON - Magna International Inc. announced today that, following extensive negotiations over the past several days with various stakeholders, including representatives of German federal and state governments, GM Europe, General Motors Corporation and the US Treasury, it has reached a conceptual framework that should allow Opel to avoid a possible insolvency filing and pursue the restructuring required for its immediate and long-term viability. The framework reflects the total investment amount and the equity interests previously disclosed on May 22, 2009.
Frank Stronach, Chairman of Magna, stated "While the recent negotiations have been intense and difficult at times, I believe we have achieved a constructive solution that represents a "win-win" for all stakeholders and will position Opel to compete and succeed. We are thankful for the dedication of all interested parties and look forward to continuing to work with General Motors, the German governments and other stakeholders to turn our concept into a reality in the next phase of the process, as the parties work toward definitive agreements."
There is no assurance that any transaction will result from Magna's current involvement. 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 74,000 employees in 240 manufacturing operations and 86 product development, engineering and sales centres in 25 countries.
Source: Magna International Inc.
Aurora, ON - Magna International Inc. announced today that, following extensive negotiations over the past several days with various stakeholders, including representatives of German federal and state governments, GM Europe, General Motors Corporation and the US Treasury, it has reached a conceptual framework that should allow Opel to avoid a possible insolvency filing and pursue the restructuring required for its immediate and long-term viability. The framework reflects the total investment amount and the equity interests previously disclosed on May 22, 2009.
Frank Stronach, Chairman of Magna, stated "While the recent negotiations have been intense and difficult at times, I believe we have achieved a constructive solution that represents a "win-win" for all stakeholders and will position Opel to compete and succeed. We are thankful for the dedication of all interested parties and look forward to continuing to work with General Motors, the German governments and other stakeholders to turn our concept into a reality in the next phase of the process, as the parties work toward definitive agreements."
There is no assurance that any transaction will result from Magna's current involvement. 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 74,000 employees in 240 manufacturing operations and 86 product development, engineering and sales centres in 25 countries.