Magna International, the Canada based auto components major, announced on Tuesday that its Magna Powertrain operating group has been nominated by the Volkswagen Group as a "Future Automotive Supply Tracks" (FAST) strategic partner. The company said that it its one of the 44 suppliers nominated by Volkswagen as a FAST strategic partner
"We are honored that Volkswagen recognizes us as a strategic partner in its business," said Jake Hirsch, President of Magna Powertrain. "We look forward to working with Volkswagen in the future and continuing to manufacture and deliver quality parts that exceed the expectations of our customers."
FAST strategic partners are companies which Volkswagen considers to be outstanding suppliers in their respective sectors. The Volkswagen Group has indicated it intends to extend management-level discussions with the nominated partner companies with the aim of successfully implementing joint technological innovations more rapidly than in the past and realizing vehicle projects worldwide more efficiently and effectively.
"In the future, it will not be the corporation with the best negotiating skills that has the advantage, but the one that has also successfully established an optimal supplier network," said Dr. Francisco Javier Garcia Sanz, Volkswagen Aktiengesellschaft Board of Management member responsible for procurement. "The nominated FAST suppliers are important beacons in our network, and I am looking forward to even closer and more intensive collaboration."