Magna Introduces Industry-First, 100% Melt Recyclable Foam and Trim Seating Solutions

Rhea-AI Summary

Magna announces EcoSphere™ product family, a sustainable solution for seating materials

Positive

• Magna introduces EcoSphere™ product family, a revolutionary solution that eliminates landfill disposal of seating foam pads and trim covers. The product family utilizes 100% Melt Recyclable Foam and Trim technology, contributing to a circular economy. The sustainable materials maintain industry standards while reducing environmental impact.

Negative

• None.

• Solution utilizes PET mono-materials in both foam and trim, contributing to the circular economy
• Sustainable option without compromising comfort, style or performance
• Magna partnering with TWE Group to create 100% recycled trim foundation

AURORA, Ontario, Oct. 11, 2023 (GLOBE NEWSWIRE) -- Magna announces its EcoSphere™ product family, an industry-first solution that eliminates the disposal of seating foam pads and trim covers in landfills by utilizing mono-material polyethylene terephthalate (PET) with the company’s innovative 100% Melt Recyclable Foam and Trim system. Magna’s new EcoSphere product family is comprised of sustainable trim materials, trim padding, structures and foam.

The product family leverages Magna's expertise in the integration of foam chemistry, trim manufacturing, craftsmanship and tooling to develop a seamless and affordable solution. In addition, the 100% Melt Recyclable Foam and Trim technology ensures that the look and feel of the seating materials remain consistent with industry standards, while significantly reducing the environmental impact.

“As a top priority for our stakeholders, we recognize the need for innovative solutions that minimize environmental impact,” said Carrie Young, Chief Engineer, Seating Innovation, at Magna. “This unique product family enables our seating materials to be repurposed and reused in the creation of new polyester products, contributing to a circular economy approach. Our technology offers automakers a game-changing opportunity to enhance sustainability without compromising on comfort, quality or performance.”

Magna EcoSphere Trim Foundation is an essential part of the 100% Melt Recyclable Foam and Trim technology. Trim foundation can be found in every seat produced. It is laminated to the back of trim materials to provide support and a crisp appearance. To source 100% recycled materials for EcoSphere Trim Foundation, Magna has partnered with TWE Group, a multinational company that specializes in manufacturing technical textiles and nonwovens. TWE’s rePEaT® solutions include products made from recycled and biodegradable fibers.

Magna’s sustainable seating approach contributes to the company’s net-zero goal by utilizing recycled and bio-based materials, implementing energy-efficient manufacturing processes and considering end-of-life management. This reduces greenhouse gas emissions and lowers the carbon footprint of Magna's products.

To learn more about these new seating products, visit www.magna.com/products/seating-systems/sustainable-seating.

TAGS
EcoSphere, Seating, Sustainability, Product & Technology

INVESTOR CONTACT
Louis Tonelli, Vice-President, Investor Relations
louis.tonelli@magna.com, 905-726-7035

MEDIA CONTACT
Tracy Fuerst, Vice President, Corporate Communications & PR
tracy.fuerst@magna.com, 248-761-7004

ABOUT MAGNA
Magna is more than one of the world’s largest suppliers in the automotive space. We are a mobility technology company built to innovate, with a global, entrepreneurial-minded team of over 174,000 employees across 351 manufacturing operations and 103 product development, engineering and sales centers spanning 30 countries. With 65+ years of expertise, our ecosystem of interconnected products combined with our complete vehicle expertise uniquely positions us to advance mobility in an expanded transportation landscape.

For further information about Magna (NYSE:MGA; TSX:MG), please visit www.magna.com or follow us on social.

THIS RELEASE MAY CONTAIN STATEMENTS WHICH CONSTITUTE “FORWARD-LOOKING STATEMENTS” UNDER APPLICABLE SECURITIES LEGISLATION AND ARE SUBJECT TO, AND EXPRESSLY QUALIFIED BY, THE CAUTIONARY DISCLAIMERS THAT ARE SET OUT IN MAGNA’S REGULATORY FILINGS. PLEASE REFER TO MAGNA’S MOST CURRENT MANAGEMENT’S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL POSITION, ANNUAL INFORMATION FORM AND ANNUAL REPORT ON FORM 40-F, AS REPLACED OR UPDATED BY ANY OF MAGNA’S SUBSEQUENT REGULATORY FILINGS, WHICH SET OUT THE CAUTIONARY DISCLAIMERS, INCLUDING THE RISK FACTORS THAT COULD CAUSE ACTUAL EVENTS TO DIFFER MATERIALLY FROM THOSE INDICATED BY SUCH FORWARD-LOOKING STATEMENTS. THESE DOCUMENTS ARE AVAILABLE FOR REVIEW ON MAGNA’S WEBSITE AT WWW.MAGNA.COM.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4d038567-78b1-478b-9c4b-c560ac54b42f

FAQ

What is Magna's EcoSphere product family?

Magna's EcoSphere product family is a sustainable solution for seating materials that eliminates landfill disposal of foam pads and trim covers.

What technology does the product family utilize?

The product family utilizes 100% Melt Recyclable Foam and Trim technology.

What is the benefit of the product family?

The product family contributes to a circular economy and reduces environmental impact while maintaining industry standards.

Who has Magna partnered with for recycled materials?

Magna has partnered with TWE Group, a multinational company specializing in manufacturing recycled and biodegradable fibers.

How does Magna's sustainable seating approach contribute to their net-zero goal?

Magna's approach includes utilizing recycled and bio-based materials, implementing energy-efficient manufacturing processes, and considering end-of-life management to reduce greenhouse gas emissions and lower the carbon footprint.