LG and Magna Enter Joint Venture Agreement to Expand in Powertrain Electrification Market - Seite 2

The JV will include more than 1,000 employees located at LG locations in the United States, South Korea and China.

The transaction is expected to close in July of 2021, subject to a number of conditions including obtaining LG shareholder approval and all necessary regulatory approvals.

TAGS: joint venture, electrification, electric vehicles, e-motors, e-drives

INVESTOR CONTACTS:

Louis Tonelli, Vice President, Magna Investor Relations
[e-mail], +1.905.726.7035

Scott Sim, Head, LG Investor Relations
[e-mail], +82.2.3777.3501

MEDIA CONTACTS:

Tracy Fuerst, Vice President, Magna Global Corporate Communications & PR
[e-mail], +1.248.761.7004

Ken Hong, Head, LG Global Corporate Communications
[e-mail], +82.2.3777.3626

About LG Electronics, Inc.
LG Electronics is a global innovator in technology and consumer goods with a presence in almost every country in the world and a diverse workforce of 74,000. LG is composed of five companies – Home Appliance & Air Solution, Home Entertainment, Mobile Communications, Vehicle component Solutions and Business Solutions. With 2019 global sales of USD 53 billion, LG is a leading manufacturer of a wide range of products from TVs, washing machines, refrigerators, air conditioners, mobile devices, digital signage and automotive components. LG is also known for its premium LG SIGNATURE and advanced LG ThinQ brands, which feature the company’s artificial intelligence technology. For more news on LG, go to www.LGnewsroom.com.

About Magna
Magna is a mobility technology company with more than 157,000 entrepreneurial-minded employees and 344 manufacturing operations and 93 product development, engineering and sales centres in 27 countries. They have complete vehicle engineering and contract manufacturing expertise, as well as product capabilities which include body, chassis, exterior, seating, powertrain, active driver assistance, electronics, mechatronics, mirrors, lighting and roof systems. Magna also has electronic and software capabilities across many of these areas. Common shares trade on the Toronto Stock Exchange (MG) and the New York Stock Exchange (MGA). For further information about Magna, visit www.magna.com.