Frank Stronach, the man behind Magna International Inc, one of the world’s biggest auto parts manufacturers plans to launch a political party in Austria in September, Deutsche Wirtschafts Nachrichten reports.
“The key positions (in the party) have already been assigned, the programme has been agreed,” the publication quoted Frank Stronach, the company’s founder and honorary chairman, as saying.
Frank Stronach, born Franz Strohsack, 6 September 1932 was ranked by Forbes as the 21st wealthiest Canadian and 736th in the world.
Founded in 1957, Magna International, the company includes Magna Steyr, Magna Powertrain, Magna Exteriors and Interiors, Magna Seating, Magna Closures, Magna Mirrors, Magna Electronics and Cosma International.
The company manufacturer auto components that are used by GM, Ford and Chrysler, VW, BMW and Toyota.
Magna has approximately 111,000 employees in 294 manufacturing operations and 87 product development, engineering and sales centres in 26 countries.