The availability of engineering profiles, the proximity to Europe and the increasing presence of equipment manufacturers make Morocco an ideal location. One of the last to take this step is the Canadian group Magna International Inc. It has just created a subsidiary called Magna Mirrors Morocco.
The company specializes in the manufacture of internal and external mirrors dedicated to the automotive industry. Registered on 7 February at the registry of the Commercial Court of Kenitra, the subsidiary will be headed by the French Pierre Guédès, general manager of Magna Mirrors Spain, appointed manager after the signing of the statutes.
The new subsidiary, headquartered in Atlantic Free Zone, was formed by Magna Auteca GmbH and Magna Automotive Europe GmbH, both of which are limited liability companies under Austrian law. The first holds 99.5% of the capital and voting rights of the Moroccan company. The second, Magna Automotive Europe GmbH, holds the remaining 0.5%. However, nothing filters out the amount of what will be invested in Morocco.
Magna International Inc. is one of the largest automotive suppliers in the world with 339 manufacturing plants and 89 product development, engineering and sales centers in 28 countries. Its competitive capabilities include body structures and facades, vision and power technologies, seating systems and complete vehicle solutions.
At the end of 2018, the group achieved record sales of $ 40.8 billion, up 12% from 2017.
This major operation reveals the desire of the Canadian group to develop sustainably in Morocco. Knowing that the Kingdom has the stated goal of building one million vehicles per year by 2025. It also supports the industrial dynamics initiated by Renault and PSA. A few months earlier, the group formalized (in October 2018) the setting up of an automotive engineering center at CasaNearshore (Casablanca), in partnership with Altran Technologies.
The two parties each hold 50% of the joint venture to which approximately 500 engineers will be assigned. This R&D center called MG2 “will provide end-to-end development capabilities for the automotive industry, including design, manufacturing, and system development, spanning the entire value chain,” said Meryem Chami, CEO of Altran Morocco.
The acquisition of Aricent expands Altran’s leadership in semiconductors, digital experience and design innovation. Together, Altran and Aricent generated revenue of € 2.9 billion in 2017, with some 45,000 employees in more than 30 countries.