January 22, 2008 -- They will supply major stampings and welded assemblies to the plant from a greenfield manufacturing facility to be built in close proximity to the Hyundai assembly plant, the company said in a press release.

Magna is the most diversified automotive supplier in the world. It designs, develops and manufactures automotive systems, assemblies, modules and components, and engineers and assembles complete vehicles, primarily for sale to original equipment manufacturers of cars and light trucks in North America, Europe, Asia, South America and Africa. In May 2007, Magna signed an agreement with Russia's largest automaker AvtoVAZ on joint design of C-class cars.

ST PETERSBURG. Cosma International, an operating unit of Magna International Inc. and a leading global automotive metalforming supplier, and its joint-venture partner Shin Young Metal Ind. Co., a Korea-based automotive supplier, have received the permit to supply parts for cars to be assembled at Hyundai Motor Corporation's new plant in St Petersburg, which is to become operational in 2010.

Source: Russian Financial Control Monitor