Magna is realigning its management structure along product lines to enhance synergies across groups.
With the management changes, Magna is also introducing new financial reporting segments starting next year for more transparency and easier comparisons with industry peers.
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Starting with the first quarter of 2018, Magna will report sales, adjusted EBIT and other items based on four global, product-oriented operating segments:
- Body Exteriors and Structures including body and chassis business (Cosma), exteriors, roof systems, sealing systems and fuel systems operations
- Power and Vision including powertrain, electronics, mirrors, lighting and closures operations
- Seating Systems is comprised of our complete seat assembly facilities and our foam, trim, structures and mechanisms operations
- Complete Vehicles is comprises contract manufacturing operations as well as complete vehicle engineering centres (Magna Steyr).
“The changes we are making to our management structure will enhance our ability to innovate, by fostering greater collaboration and sharing of expertise across the company,” said Magna CEO, Don Walker.
“Specifically, our Power and Vision segment has electronics and software expertise which are critical to our growth. As we address industry trends, including electrification, autonomy and new mobility, we will continue to build on the competitive advantage of our robust portfolio and deep systems knowledge, allowing us to provide our customers with more complete solutions.”
For his part, Magna CFO, Vince Galifi, added: “With changes in mobility, we recognise the need to provide a higher level of transparency into Magna. The new segmentation better aligns our reporting with our peers and will allow the financial community to gain a better understanding of our business model.”
