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Magna Powertrain and Amtek Establish Joint Venture in India

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April 3, 2006—Magna Powertrain and Amtek Auto Ltd. today signed a joint venture agreement to establish a manufacturing facility outside of Delhi, India, for two-piece flexplate assemblies for automotive applications.

According to Magna Powertrain's press release, manufacturing operations of the joint venture are expected to commence late in 2007. The joint venture will initially export flexplate assemblies entirely to European markets, with production to follow for the Indian market.

Flexplate assemblies are used in automobiles with automatic transmission systems.

The 50/50 joint venture between Magna Powertrain and Amtek expands on Amtek's existing relationship as a supplier of ring gears to Magna Powertrain's North American operations.

G?nther Apfalter, president, Magna Powertrain Europe and Asia says, "For Magna Powertrain, the joint venture is an important first step into the Indian market. Through the formation of an alliance with Amtek, Magna Powertrain can make use of Amtek's special know-how in ring-gear manufacturing and will benefit from the competitive cost-level in India."

Regarding the agreement, John Flintham, CEO of worldwide operations of Amtek says, "This joint venture will be another milestone for the Amtek Group and a step forward in expanding its customer base and product portfolio, as well as attaining a technological and competitive edge in automotive component manufacturing."