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Magna and Altran Form Joint Venture in Morocco to Create Engineering Center

October 2, 2018

-- Joint venture to support Morocco’s growing export production -- Approximately 500 engineers to initially staff the joint venture -- Initial engineering activities with European automakers for global markets

SAILAUF, Germany, Oct. 02, 2018 (GLOBE NEWSWIRE) -- As Morocco emerges as a competitive export-focused production base for global automakers, a new resource for vehicle engineering services has also launched: a joint venture between Magna and Altran Technologies SA.

Magna’s complete vehicle engineering and manufacturing group and Altran, a global leader in engineering and R&D services, each hold 50 percent of the joint-venture company.

The joint venture – located in Casablanca, Morocco, under the name MG2 – brings together Magna’s complete vehicle know-how and process competence and Altran’s strengths as a locally established partner. Approximately 500 engineers from the two companies will initially staff the joint venture.

“Magna is able to further strengthen its competitive position by offering world-class engineering services in Morocco through this joint venture with Altran. The availability of strong engineering talent, proximity to Europe and growing OEM presence make Morocco an ideal location for this new engineering center,” said Karl Friedrich-Stracke, President Fahrzeugtechnik & Engineering Magna Steyr.

Morocco, 14 km south of the European continent, offers a low-cost base to produce vehicles for export to Europe. The country has a stated goal of building one million vehicles per year by 2025 and has been successful in attracting automakers and investment in new production plants to achieve that goal.

“Altran is thrilled to be moving forward with Magna to offer end-to-end development capabilities for the automotive industry, including design, manufacturing and system development, thus covering the complete value chain,” said Meryem Chami, CEO, Altran Morocco.

TAGSMorocco auto industry, joint ventures, engineering services, automotive R&D

INVESTOR CONTACTLouis Tonelli, Vice-President, Investor Relations louis.tonelli@magna.com, 905.726.7035

MEDIA CONTACTSTracy Fuerst, Global Director of Corporate Communications & PR tracy.fuerst@magna.com, 248.631.5396

Rej Husetovic, Director Corporate Communications & Media Relations Europe rej.husetovic@magna.com, (+49) 6093 9942-5056

ABOUT MAGNAWe have more than 173,000 entrepreneurial-minded employees dedicated to delivering mobility solutions. We are a technology company and one of the world’s largest automotive suppliers with 339 manufacturing operations and 89 product development, engineering and sales centers in 28 countries. Our competitive capabilities include body exteriors and structures, power and vision technologies, seating systems and complete vehicle solutions. Our common shares trade on the Toronto Stock Exchange (MG) and the New York Stock Exchange (MGA). For further information about Magna, visit www.magna.com.

ABOUT ALTRANAltran ranks as the undisputed global leader in Engineering and R&D services (ER&D), following its acquisition of Aricent. The company offers clients an unmatched value proposition to address their transformation and innovation needs. Altran works alongside its clients, from initial concept through industrialization, to invent the products and services of tomorrow. For over 30 years, the company has provided expertise in aerospace, automotive, defense, energy, finance, life sciences, railway and telecommunications. The Aricent acquisition extends this leadership to semiconductors, digital experience and design innovation. Combined, Altran and Aricent generated revenues of €2.9 billion in 2017, with some 45,000 employees in more than 30 countries. www.altran.com

THIS RELEASE MAY CONTAIN STATEMENTS WHICH CONSTITUTE “FORWARD-LOOKING STATEMENTS” UNDER APPLICABLE SECURITIES LEGISLATION AND ARE SUBJECT TO, AND EXPRESSLY QUALIFIED BY, THE CAUTIONARY DISCLAIMERS THAT ARE SET OUT IN MAGNA’S REGULATORY FILINGS. PLEASE REFER TO MAGNA’S MOST CURRENT MANAGEMENT’S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL POSITION, ANNUAL INFORMATION FORM AND ANNUAL REPORT ON FORM 40-F, AS REPLACED OR UPDATED BY ANY OF MAGNA’S SUBSEQUENT REGULATORY FILINGS, WHICH SET OUT THE CAUTIONARY DISCLAIMERS, INCLUDING THE RISK FACTORS THAT COULD CAUSE ACTUAL EVENTS TO DIFFER MATERIALLY FROM THOSE INDICATED BY SUCH FORWARD-LOOKING STATEMENTS. THESE DOCUMENTS ARE AVAILABLE FOR REVIEW ON MAGNA’S WEBSITE AT WWW.MAGNA.COM.

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/6bad0d32-66d9-403f-9255-01098751b556

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