Magna to buy $1 billion worth of spare parts in China in 2012
"By 2012 we expects to purchase spare parts in China worth US$1 billion to use in markets outside of this nation, " said Du Min, executive director of global purchasing at China for Magna.
Du said Magna's purchasing budget for the Chinese market has increased to US$407 million in 2008 from US$262 million in 2006. The Canadian auto parts supplier has procurement centers in North America, Europe as well as Asia.
General Motors Co agreed on September 10 to sell a 55 percent stake in its Opel unit to Magna and a Moscow-based bank.
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