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    MG   CA5592224011

MAGNA INTERNATIONAL INC.

(MG)
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LG Electronics Inc. and Magna International Inc. Sign Joint Venture Agreement to Establish LG Magna E-Powertrain

07/28/2021 | 05:00am EDT

LG Electronics (LG) and Magna International Inc. (Magna) signed the transaction agreement which establishes a joint venture between the two companies. The new company, to be called LG Magna e-Powertrain, is headquartered in Incheon, South Korea and will be led by a strong management team. Leading the new company will be CEO Cheong Won-suk, a 20-year LG veteran who was most recently vice president and head of the LG Vehicle Component Solutions Company's Green Business. Prior to LG, Cheong spent nearly a decade with Daewoo Motors R&D. Javier Perez, who has been with Magna since 2016, will be the new company's COO. He will be responsible for overseeing the day-to-day operations of the joint venture. Perez brings nearly a quarter century of automotive manufacturing and quality control experience to LG Magna e-Powertrain, 18 of those years based in Asia. The creation of the joint venture unifies Magna's strength in electric powertrain systems and world-class automotive manufacturing with LG's expertise in component development for e-motors and inverters. Announcing LG Magna e-Powertrain's executive team marks a key milestone for the joint venture company, which will manufacture e-motors, inverters and on-board chargers and, for certain automakers, related e-drive systems. The design, engineering and manufacturing synergies created by LG Magna e-Powertrain is expected to enable both companies to quickly react to market trends and capitalize on the growing global shift toward vehicle electrification. The new company will develop powertrain components that offer automakers a scalable portfolio, from complete solutions enabling electrification and functionality to integrating intelligent operating software and controls in new e-drive systems. LG Magna e-Powertrain will be made up of more than 1,000 employees in the United States, South Korea and China.


ę S&P Capital IQ 2021
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Financials (USD)
Sales 2021 38 370 M - -
Net income 2021 2 042 M - -
Net Debt 2021 1 423 M - -
P/E ratio 2021 11,6x
Yield 2021 2,23%
Capitalization 23 204 M 23 146 M -
EV / Sales 2021 0,64x
EV / Sales 2022 0,55x
Nbr of Employees 158 000
Free-Float 99,4%
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Mean consensus BUY
Number of Analysts 17
Last Close Price 77,16 $
Average target price 97,63 $
Spread / Average Target 26,5%
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Managers and Directors
Seetarama Kotagiri President & Chief Executive Officer
Vincent J. Galifi Chief Financial Officer & Executive Vice President
Bill L. Young Chairman
Paul Bellack Vice President-Information Technology
Sherif Salah Marakby Executive Vice President-Research & Development
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