Production of the Porsche Boxster and Cayman will switch from Finland's Valmet Automotive to Magna Steyr in Graz, Austria, from 2012 onwards, Porsche announced today. The Austrian manufacturer secured the contract because it submitted the most financially attractive offer, and because it had the expertise and capacity to build cars to the standard Porsche expects, the sports carmaker revealed.

Valmet Automotive first started building the Boxster range in 1997 and has since produced more than 200,000 cars. Its current contract is set to end in 2011.

Porsche will supply the engines and various components, ensuring some production remains at its main factory in Zuffenhausen, Germany. Further synergies arise from the numerous supply relations between Porsche and the Magna Group, which already manufactures several key components for Porsche including convertible roof systems and bodywork components.

The next couple of years will be very busy for Magna Steyr, which recently secured contracts to build the new Mini SUV, Aston Martin Rapide and upcoming Peugeot 308 RC Z coupe.