2008-01-17 Manufacturing News

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JV automotive suppliers provide global support for Korean automaker

Automotive suppliers Cosma International and Shin Young Metal announce Hyundai Russia business award for products to be produced from a new greenfield manufacturing facility.

Cosma International, an operating unit of Magna International Inc. and a leading global automotive metalforming supplier, and its joint venture (JV) partner Shin Young Metal Ind. Co., a Korea-based automotive supplier, today announced a major new-business award from Hyundai Motor Corporation.

The JV will supply major metal stampings and welded assemblies to Hyundai's new assembly plant in St. Petersburg, Russia, which, is expected to be operational in 2010. Cosma and Shin Young Metal will supply Hyundai from a greenfield manufacturing facility to be built in close proximity to the Russian Hyundai assembly plant.

Shin Young Metal was established 30 years ago and has become a key player in the Korean automotive industry. Shin Young and its related companies are involved in stamping and assembly, tool and die design, construction, try-out, and production and assembly of automotive components.

Jim Tobin, Magna International's Executive Vice President of Business Development and President of Magna Asia, said, "This new business with Hyundai shows the joint venture between Cosma and Shin Young Metal effectively supports the global expansion of our OEM partners. We look forward to supporting the growth of Hyundai and the Russian automotive market through our combined global footprint and expertise."

"Shin Young Metal and Cosma are excited about this tremendous opportunity and are committed to providing best-in-class support to Hyundai," commented Mr. Ho Gap Kang, CEO of Shin Young Metal.

Cosma International, an operating unit of Magna International, manufactures a comprehensive range of metal body systems, components, assemblies and modules including complete vehicle frames, chassis systems and body-in-white systems using a variety of innovative processes including hydroforming, stamping and roll forming.

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