Canadian auto parts maker Magna International said on Monday it has won contracts to supply a variety of components and systems for Volkswagen Group of America's new mid-sized sedan, expected to hit the U.S. market in 2011.
The components, some of which will be built at Volkswagen's Chattanooga, Tennessee, assembly facility, include body and structural components, window regulators and decklid latches, as well as sealing systems and seating.
Magna said at the start of this month that it had formed a joint venture with industrial-supply chain management firm Hollingsworth Logistics to supply Volkswagen with complete seat systems in Chattanooga.
The company said the new work would create about 140 jobs in the Chattanooga area once assembly reaches full production.
Shares of Magna were up 45 Canadian cents, or 0.7 percent, at C$64.90 on the Toronto Stock Exchange at midday on Monday.
(Reporting by John McCrank; editing by Peter Galloway)