AURORA, Ontario — Magna International has announced it is developing a new, state-of-the-art facility in San Luis Potosi, Mexico. The announcement followed a meeting between Don Walker, CEO of Magna, and the President of Mexico Felipe Calderon at the World Economic Forum in Davos, Switzerland.

This facility will be a division of Cosma International, a global operating unit of Magna International that supplies automotive body and chassis systems. The new facility is expected to be approximately 300,000 square feet with the ability to expand up to 450,000 square feet. It will employ approximately 700 people at full capacity and will produce stamped and welded assemblies for various automakers.

With the support of federal, state and municipal authorities from Mexico, the company plans to invest more than $100 million to build the new facility. The launch of the plant is scheduled for June 2012.