Magna and LG Ink New Deal
CBJ — Magna International has signed a deal with LG Electronics to create a limited joint partner venture to build components for electric vehicles.
The Canadian auto parts company based out of Aurora, Ontario says the partnership will include the manufacture of e-motors, inverters and on board chargers and, for certain automakers, related e-drive systems.
The joint venture tentatively has been called LG Magna e-Powertrain.
LG Corporation is a South Korean business with headquarters in Seoul. LG is best known as an international leader in communications electronics, such as televisions, as well as telecommunications and chemicals. It operates a number of subsidiaries including Zenith and LG Electronics, the division that is working with Magna.
It’s expected the joint venture will require more than 1,000 employees with the bulk of the work being carried out at LG locations in the U.S., China and South Korea.
It’s anticipated the agreement will officially close by the summer, pending approval by LG shareholders.