Job cuts: Magna to cut in Europe and U.S. image

Magna International Inc., one of the largest automobile parts manufacturer in North America by sales plans to cut jobs in Europe and the United States as demand of car parts is slowing down in Europe more than expected, CEO Donald Walker told reporters in Germany.

“We certainly need to make adjustments. We are working our best to establish a global presence and reduce costs.

In Europe, we had to remove a number of places, as the economic situation has worsened, and we will make further restructuring in the region. “

Aurora, Ontario, Canada based Magna is one of the largest auto parts manufacturers in the world with approximately 119,000 employees, 313 manufacturing operations and 88 product development, engineering, and sales centers in 29 countries.

The company supplies most of the components to companies like BMW, Chrysler, Ford, General Motors, Toyota and Volkswagen. In addition, Magna also manufactures complete vehicles on a contract basis.