Magna International, among the biggest auto parts producers in the world has announced it concluded an investment of 1.5 million Canadian dollars ($1.37 million) in a plant located in the Ontario province that would begin producing new vehicle electronic systems and modules.
The expanded Dortec facility in Newmarket, Ontario, has also produced 75 new jobs, with the manufacturing facility able to produce electronic control modules for power closure and roof systems and a new and inexpensive lighter-weight electronic side-door latch – a new design that can be fitted to any car or truck, which gives up any cables, rods, or moving handles in the door.
“We expect electronic-closure and latching technologies to be a game-changer for the industry over the next five years and they will eventually become the future mainstream design,” Magna Closures President Frank Seguin said in a statement. “With our expansion at Dortec we are well-positioned to capitalize on this as it occurs.”
Magna also announced it was ceasing at the end of 2014 the payments it made since 2010 to the founder of the company, which ceded control back then. In an agreement related to the ownership change, Frank Stronach was paid as consulting fees in 2013 no less than $52 million.