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Magna acquires Porsche’s North American Engineering Services UnitExtensive capabilities in body development

Stuttgart, Germany/Aurora, Ontario, Canada. Magna International Inc. and Dr. Ing. h.c. F. Porsche AG, Stuttgart, have signed an agreement pursuant to which Magna will acquire Porsche’s North American engineering services unit, Porsche Engineering Services, Inc. (PES). PES, based in Troy, Michigan, employs 120 personnel working primarily on OEM programs for the North American market.

On completion of the transaction, PES will be integrated into Magna Steyr North America, which includes the Engineering Centre Detroit and the recently announced operations responsibility for the Toledo Paint Facility. Magna Steyr North America consists of approximately 300 personnel in three facilities located in Rochester Hills, Michigan, and Toledo, Ohio.

Siegfried Wolf, co-Chief Executive Officer of Magna, stated: "The acquisition of PES enhances our engineering activities in the North American market in a targeted and strategic way. By adding the extensive capabilities of PES, particularly in body development, we can offer our OEM customers a wider and deeper range of engineering services."

Wolfgang Dürheimer, Member of the Executive Board of Porsche AG with responsibility for Research and Development: "In the future, we will control all development activities for external customers through the Porsche Engineering Group in Weissach for efficiency reasons. We are thus delighted to have found a respected group like Magna Steyr North America to be the future owner of PES in Troy, and are confident that it will provide PES’ employees with good prospects for the future."

Porsche Engineering Group GmbH (PEG), headquartered in Weissach, manages in the future all development projects for external customers world-wide. The company supports its customers throughout the product development process in developing components, systems and complete vehicles. PEG has access to all the facilities and test beds of the Porsche development center in Weissach, to the 2,300 employees working in the development division as to the employees in the subsidiaries in Bietigheim-Bissingen (Germany) and Prague (Czech Republic). Following the sale of PES Troy, PEG has around 400 employees.

Magna International Inc., the most diversified automotive supplier in the world, has more than 84,000 employees in 224 manufacturing operations and 60 product development and engineering centers in 22 countries. Magna Steyr, a wholly-owned subsidiary of Magna International Inc, offers its OEM customers complete vehicle assembly in Europe (Austria), complete vehicle and systems engineering through divisions located in North America (United States), Europe (Austria, Germany, France and Hungary) and Rest of World (India) and manufactures automotive systems and modules in divisions located in Europe (Austria, Germany). Magna Steyr has approximately 11,400 employees.

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8/3/2006