Magna International
Automotive Company, Manufacturing Company, and Company
GM's Saab sale collapses as buyer backs out...unit, which includes the Opel and Vauxhall brands, rather than sell it to a group led by Canadian auto parts maker Magna International Inc <MGa. TO>. GM said earlier on Tuesday that it had repaid a loan from Germany for Opel and had trimmed... In this article: GM, Saab, Koenigsegg, Saab, Opel, Detroit, Bankruptcy, World War Two, and Saab 9-5 |
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Reuters | 21 hours ago
TIMELINE-GM's plans for its Opel unit
...if GM chooses Magna as the buyer. Sept 10 - GM agrees to sell a 55 percent stake in Opel to a group led by Magna. Sept 14 - Magna says it will cut about 10,500 Opel jobs in Europe, mostly in Germany. Oct 26 - Workers at Opel's Spanish...
In this article: Opel, General Motors, Magna International Inc, Germany, GM Europe, Carl-Peter Forster, and Europe
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National Post | 22 hours ago
Porsche aims to end Magna's Boxster contract: source
Reuters Published: Tuesday, November 24, 2009 STUTTGART -- Germany's Porsche aims to cancel a deal that would have Magna build the Porsche Boxster model series under contract, a source familiar with the situation told Reuters. The move...
In this article: Porsche Boxster, Magna, Inflation, Volkswagen, Karmann, and Dan Fortin
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Magna wins key GM contract
...in revenue from the GMT-900 business in 2009, down 22% from 2008, Mr. Sklar estimated. He rates Magna "outperform" with a price target of US$70. Magna shares nudged up 47ยข to $53.40 in afternoon trading on the Toronto Stock Exchange. The...
In this article: GM, Magna International Inc., Opel, Revenue, Financial Post, Cadillac Escalade, Chevrolet Silverado, and Pickup Truck
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Magna wins contract for next-gen GM truck frames
...of contract * Frames to be built in Ontario, Mexico * No new jobs created * Shares up 1.9 percent at C$53.92 Magna International <MGa. TO> said on Monday that it has won a contract to make the third generation of frames for General...
In this article: GM, Ontario, Crown Victoria, Mercury Grand Marquis, Lincoln Town Car, Daimler AG, and Ford Motor Co
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AP Online | 1 day ago
GM wants gov'ts to help pay $4.9 bn restructuring
...the company and its workers. Germany appears reluctant to offer GM the EUR4.5 billion loan it had promised Magna - and has yet to pledge the company any more money. German Foreign Minister Guido Westerwelle said Monday that GM should focus...
In this article: GM, Magna International Inc., Germany, European Union, Belgium, Opel, Brussels, Britain, and Poland
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Baltimore Sun | November 16, 2009
Magna extends bids deadline for tracks
...round of bids for Pimlico Race Course and Laurel Park. Bids will now be due Dec. 11 instead of Dec. 4, according to court papers. Magna announced last week that the auction of the two Maryland thoroughbred tracks will proceed without a lead...
In this article: Magna, Maryland, Magna Entertainment Corp., Pimlico Race Course, Laurel Park, Baltimore, MD, New York, and Baltimore Sun
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Magna not on the lookout for new alliance - paper
Magna's <MGa. TO> co-chief executive told a German paper that the Austro-Canadian company was not looking to team up with another auto maker after failing to clinch Opel, and will instead focus on its supply business. Following the...
In this article: Magna, Volkswagen, Opel, General Motors, and Porsche Boxster
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UPDATE 4-Magna shares race higher on earnings, Opel fallout
...parts * Shares up over 25 percent since Opel deal terminated (Adds details, updates share price) Shares of Magna International Inc <MGa. TO> surged nearly 15 percent on Friday, a day after it posted a surprise quarterly profit and said it...
In this article: Magna International Inc, Opel, GM, Citigroup, North America, Revenue, Sberbank, CIBC World Markets, and BMO
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UPDATE 3-Magna focusing on core business after Opel saga
...CEO comment from conference call, analyst's comment. In U.S. dollars unless noted) By John McCrank Magna International Inc <MGa. TO><MGA.N> is not looking at taking over any other automakers following the collapse of its deal to buy a...
In this article: Magna International Inc, Opel, GM, Revenue, Volvo, Sberbank, and Saab
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Description from Wikipedia:
Magna International Inc. () is a Canadian company based in Aurora, Ontario. It is Canada's largest automobile parts manufacturer, and one of the country's largest companies. It owns the successful Magna Steyr automobile production company of Austria.
The company was founded in 1957 by the Austrian-born Frank Stronach as Multimatic. This company merged with Magna Electronics in 1969, and the combined company became Magna International in 1973.
On May 30, 2009, it was announced that a deal had been reached to transfer General Motors Corporation (GM)-owned Opel and Vauxhall assets to a separate company majority-owned by a consortium led by Magna International. Subsequently, however, the deal was placed in limbo as GM declared opposition to it while the German government supported it.
Magna also manufactures auto parts that are primarily supplied to GM, Ford Motor Company, and Chrysler LLC. In addition to the Big 3 U.S. automakers, Magna's major customers include Volkswagen, BMW and Toyota. In Europe, Magna Steyr holds contracts for the assembly of the Jeep Grand Cherokee, Chrysler Voyager minivan and BMW X3 SUV. Magna has a relatively minimal presence in Asia with just 3 manufacturing centres in South Korea, 1 in Kunshan, China and 2 engineering centres in South Korea and China.\
- Name:
- Magna International Inc.
- Type:
- Public (NYSE: MGA)
- Location:
- Aurora, Ontario, Canada
- Founded:
- 1957
- Stock Symbol:
- MGA
- Industry:
- Automotive systems, comp and modules
- Key People:
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- Donald Walker, co-CEO
- Siegfried Wolf, co-CEO
- Vincent J. Galifi, Executive VP & CFO
- Products:
- See products listing.
- Revenue:
- $23.704 billion USD (2008)
- Operating Income:
- $328 million USD (2008)
- Net Income:
- $71 million USD (2008)
- No. of Employees:
- 74,000 (Mar '09)
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