Porsche will transfer assembly models Boxster and Cayman has Magna

The German automaker Porsche has chosen the Austrian company Magna Steyr Fahrzeugtechnik, a division of the Canadian group Magna International (TSX: MG.A) as future partner for the production of its luxury sports Boxster and Cayman models.

Magna and take over the Finnish Valmet Automotive, which currently assembles these models and whose contract expires in 2012.

In a press release Thursday, Porsche said that Magnat Steyr has won the contract after having submitted the most financially attractive offer and because it is able to execute the related to the development of its sports car spots. The details of the agreement have not been precise.

The German automaker has emphasized that over the last 11 years Valmet produced for him over 200,000 vehicles of exceptional quality and the decision to change partners is not a vote of no confidence in this company, but holds rather has great ability of development and the competence of Magna.

Magna Steyr therefore assemble the vehicles for Porsche, commencing in 2012, its plant in Graz, Austria. Porsche will provide engines and various other components.

Magna already produced some parts for Porsche.