Press Release – Magna Wins 2022 Automotive News PACE Award and Receives PACEpilot Recognition
- Wins PACE Award for Self-Adjusting Balancing Blocks
- Receives PACEpilot Innovation to Watch recognition for Aural 5R alloy
- Magna one of 12 PACE winners out of 30 finalists
Click here for the PDF version of the press release.
AURORA, Ontario, September 20, 2022 – Magna was named the winner of the 2022 Automotive News PACE award at the awards ceremony on September 19. This renowned award recognizes automotive suppliers for their superior innovation, technological advancements and business performance. Including the 2022 award, the company has won six PACE awards over the past eight years.
Magna was recognized for its Auto Adjust Balance Blocks (AABB), an intelligent die solution providing real-time die adjustments to counteract thermal expansion during stamping cycles.
Magna also received the Automotive News PACEpilot Innovation to Watch 2022 award, which recognizes post-pilot and pre-commercial innovations in automotive and future mobility. The company was recognized for its Aural 5R alloy, providing a higher performance alloy for structural applications at a lower cost and low carbon footprint. It is the only die-cast aluminum alloy for structural applications created from 100% recycled materials.
We are honored to receive these prestigious accolades which show that Magna continues to raise the bar for innovation in our industry,” said Swamy Kotagiri, CEO of Magna International. “Our AABB solution improves the quality of our customers’ complex Class A stampings, and with an increased focus on durability, we are delighted to bring to market an alloy that significantly reduces CO² emissions and fuel consumption. energy.”
The 28th Annual PACE Awards were presented by Automotive News. The competition was open to suppliers who directly contribute products, processes, materials or services to the manufacture of cars or trucks. The Automotive News PACE award is recognized worldwide as the industry benchmark for innovation. The 3rd annual PACEpilot program, also presented by Automotive News, was open to suppliers and startups that have invented products, software/IT systems or processes and idea incubators capable of transforming the automotive industry. The Automotive News PACEpilot program leads the way in recognizing emerging global innovators.
Exteriors, Bodywork, Chassis, Structures, Stamping, Industry 4.0, Smart Dies, Class A
Louis Tonelli, Vice President, Investor Relations
[email protected], 905-726-7035
Tracy Fuerst, Vice President, Corporate Communications and Public Relations
[email protected], 248-761-7004
We are a mobility technology company. We have more than 161,000 entrepreneurial-minded employees and 341 manufacturing operations and 89 product development, engineering and sales centers in 28 countries. We have comprehensive vehicle engineering and contract manufacturing expertise, as well as product capabilities including body, chassis, exteriors, seats, powertrain, active driver assistance, electronics, mechatronics, mirrors, lighting and roof systems. Our common shares trade on the Toronto Stock Exchange (MG) and the New York Stock Exchange (MGA). For more information about Magna, visit www.magna.com.
THIS RELEASE MAY CONTAIN STATEMENTS THAT CONSTITUTE “FORWARD-LOOKING STATEMENTS” UNDER APPLICABLE SECURITIES LAW AND ARE SUBJECT TO AND EXPRESSLY QUALIFIED BY THE DISCLAIMERS SET FORTH IN MAGNA’S REGULATORY STATEMENTS. PLEASE REFER TO MAGNA’S MOST RECENT MANAGEMENT’S DISCUSSION AND ANALYSIS OF OPERATING RESULTS AND FINANCIAL POSITION, ANNUAL INFORMATION FORM AND ANNUAL REPORT ON FORM 40-F, AS SUPERSEDED OR UPDATED BY ONE OF MAGNA’S SUBSEQUENT REGULATORY FILINGS, WHICH SET OUT DISCLAIMERS, INCLUDING RISK FACTORS THAT COULD CAUSE ACTUAL EVENTS TO DIFFER MATERIALLY FROM THOSE INDICATED BY THESE FORWARD-LOOKING STATEMENTS. THESE DOCUMENTS CAN BE REVIEWED ON THE MAGNA WEBSITE AT WWW.MAGNA.COM.
Source: Magna International Inc.
Comments are closed.