Magna International Inc. is expected after the acquisition of the German transmission grid suppliers Amtrak last year, the company has annual sales in Asia by 2018 will almost double.
Magna CEO Don Walker
Magna said that it is expected that the company’s sales in Asia will increase from US$1.5 billion in 2015 to US$3.3 billion (21.7 billion) in 2018. Magna acquired Getrag for $2.7 billion last year, which will be the main driver of Magna's future business growth.
According to foreign media reports, the growth of Magna's Asian business mainly comes from China. The company has 34 factories in China as well as R&D centers and sales agencies. Magna CEO Don Walker described the company’s future business growth prospects to the media in Germany last month.
"From a geography perspective, China is the biggest growth pole outside of our core market," Walker said. "When we promote business growth in the Chinese market, I think we can use the growth and capabilities of Getrag in that market."
Getrag has three factories in China. According to foreign media reports, by the year 2018, GETRAG's annual sales in China will reach 4 U.S. dollars.
Magna, headquartered in Aurora, Ontario, had sales of US$33.63 billion in 2014 and ranked second among the global auto parts suppliers in the United States.
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