AVIC HAPM and Magna Seating Held Joint Venture Signature Ceremony

On May 4, the seat joint venture signature ceremony between AVIC Hubei Aviation Precision Machinery Technology Co., Ltd. (HAPM), a wholly owned subsidiary of AVIC Electromechanical Systems, and Magna Seating, a wholly owned subsidiary of Magna International, was held in Beijing. With a total investment worth at 1.49 billion CNY, the new joint venture will supply vehicle seat adjustment mechanisms and frame products for global vehicle projects as the only vehicle seat and seat adjustment mechanism manufacturing base in Asia. It is expected that the joint venture transaction will be completed in the 4th quarter of this year. This strategic cooperation will bring benefits to both sides in terms of resource consolidation, as well as product, customer and manufacturing distribution, so as to provide their customers with better products and advanced technological achievements.