Magna enters joint venture to assemble seats in Michigan
Magna has entered into a joint venture with LAN Manufacturing, a minority-owned automotive supplier based in Michigan.
The joint venture, to be called LM Manufacturing, will assemble complete seats for various trucks and SUVs for Ford Motor Company, operating from a 296,000-square-feet leased facility in Detroit, Michigan. Magna will own a 49 per cent stake.
“As a minority business enterprise, we are especially excited to invest in the city of Detroit and to work with Magna, a leading mobility technology company,” said Sylvester Hester, CEO, LAN and President, LM Manufacturing.
Production is scheduled to begin in the second quarter of 2023 and is expected to bring in more than 390 jobs to the city of Detroit. The Michigan Strategic Fund has awarded a $2 million grant to the joint venture.
“We are excited about this opportunity with LM Manufacturing as we continue supporting Ford on some of their high-volume vehicle programs,” said John Wyskiel, President, Magna Seating. “We expect the joint venture to complement the seating capabilities and footprint we already have in the state.”