Magna International, North America's largest auto-parts maker, plans to expand in Russia as it diversifies beyond contracts with U.S. automakers in North America.
"We are further evaluating acquisition opportunities in Russia," co-CEO Don Walker said Thursday on a conference call from Detroit. He did not specify whether the strategy would involve buying companies or manufacturing plants.
Magna is adding facilities in eastern Europe and Asia as General Motors and Chrysler scale back production in the United States to try to stave off bankruptcy. The parts maker said last month that it plans to build a plant in Russia to produce metal body components for Hyundai Motor and affiliate Kia Motors by early 2011.
Wolfgang Bernhard, a former executive at DaimlerChrysler and Volkswagen, will join Magna to advise on the Russian expansion, German magazine Automobilwoche reported this week.