Porsche to switch Boxster assembly to Magna Steyr

FRANKFURT, June 26 (Reuters) - German sports car maker Porsche (PSHG_p.DE) has picked Austrian contract carmaker Magna Steyr (MGa.TO) to build Boxster-series cars from 2012, Porsche said on Thursday.

Magna Steyr thus will replace current partner Valmet Automotive, whose contract to build Porsche Boxster and Cayman models was extended last year until 2011.

Valmet, a unit of Metso (MEO1V.HE), has made more than 200,000 units of the Boxster series since 1997.

"Our decision not to continue the successful cooperation is in no way a vote against Valmet. Rather, it was the high development capacity and competence of our future partner that tipped the balance," Porsche finance chief Holger Haerter said in a statement. (Reporting by Michael Shields) (michael.shields@thomsonreuters.com, Reuters Messaging: michael.shields.reuters.com@reuters.net; +49 69 7565 1266))