Post Tagged with: "Magna International"

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Magna Reports Higher-Than-Expected Profit for the First Quarter

Magna Reports Higher-Than-Expected Profit for the First Quarter

Today, April 10th, auto parts maker Magna International reported an increase for the first quarter higher than analysts’ estimates, thanks to strong sales in North America. Magna’s revenues increased 9%, and net income rose to $369 million ($1.57 per share) during the first quarter, compared with $343 million ($1.46 per […]

Russian Auto Output to Increase Risking Overcapacity

Russian Auto Output to Increase Risking Overcapacity

Analysts believe that Russian auto industry is close to reach the same overcapacity problem with which the rest of Europe confronts. The warning comes after Avtotor Holding formed a partnership in November with supplier Magna International, being the latest company to announce a major investment in Russia’s auto production. The […]

Canada extends investment fund for auto industry for another 5 years

Canada extends investment fund for auto industry for another 5 years

Canada’s Prime Minister Stephen Harper announced the renewal of funding for the Canadian auto industry totaling 250 million Canadian dollars. The Automotive Innovation Fund allows manufacturers to apply for funding for specific research and development projects, provided that carmakers also help fund the projects. First established in 2008, the program […]

Magna Signs Deal With Avtotor Holding to Enter Russia

Magna Signs Deal With Avtotor Holding to Enter Russia

Canadian Magna International will enter the Russian market by teaming up with automaker Avtotor Holding. The auto-parts maker Magna International and Avtotor Holding will set up 6 full-cycle vehicle-assembly operations for different automakers and will build 15 plants in the Kaliningrad region. These plants will supply Avtotor and other automotive […]

Magna International founder plans new Austrian party

Magna International founder plans new Austrian party

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, […]

Magna Reveals Profitable Q4 2011 as sales post big gains

Magna Reveals Profitable Q4 2011 as sales post big gains

Magna International Inc., the North America’s largest automobile parts manufacturer reported a big jump in quarterly earnings on Thursday that easily beat analysts’ expectations as vehicle production soared in North America. The North American auto-parts giant, based in Aurora, Ont., had net income of $311 million or $1.32 a share […]

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Magna International request 600-million dollars from Porsche

Magna International request 600-million dollars from Porsche

According to an Austrian newspaper, Magna International wants at least $600-million ( ~ 400.000 million Euros ) in compensation from sports-car maker Porsche for cancelling a contract. Austrian newspaper WirtschaftsBlatt quoted an “involved person” as saying that the compensation was for development work already done by Magna, which was due […]

Magna focusing on core business after Opel saga

Magna focusing on core business after Opel saga

Magna International Inc is not looking at taking over any other automakers following the collapse of its deal to buy a stake in General Motors Co’s European operations, the auto parts maker’s co-CEO, Don Walker, said on Thursday. GM’s board of directors had approved the sale of a 55 percent […]

Opel sale process terminated ( with video )!!!!

Opel sale process terminated ( with video )!!!!

Magna International Inc. today announced that it has been advised by General Motors (“GM”) that the GM Board of Directors has decided to terminate the sale process for Opel. Siegfried Wolf, Magna’s Co-Chief Executive Officer stated: “We understand that the Board concluded that it was in GM’s best interests to […]

EU, Germany to avoid aid dispute in GM’s Opel sale

EU, Germany to avoid aid dispute in GM’s Opel sale

European Union and German officials said they’re working to avoid a dispute over 4.5 billion euros ($6.9 billion) in state aid backing General Motors Co.’s sale of its Adam Opel GmbH division to Magna International Inc.. EU regulators want to ensure that any government help for Opel’s disposal meets competition […]

Peugeot to win German market on Opel sale

Peugeot to win German market on Opel sale

PSA Peugeot Citroen, Europe’s second-biggest carmaker, said the sale of General Motors Co.’s Opel unit to Magna International Inc. will unsettle customers and help it win a bigger slice of the German market. As part of a push into the region’s biggest car market, Peugeot’s 5008 minivan will go on […]

Magna making new offer to Opel unions today

Magna making new offer to Opel unions today

After yesterday agreeing a deal with Vauxhall’s key union here in the UK, Magna International has altered its offer to Spanish unions at the local Opel unit [near Zaragoza] and will discuss the changes with unions and a government representative on Wednesday (14 October), a Spanish industry ministry spokesman said […]

GM CEO says possible to sign Opel deal this week

GM CEO says possible to sign Opel deal this week

General Motors Co Chief Executive Fritz Henderson said on Tuesday that it was possible a deal on the sale of a majority stake in Opel, its European carmaking arm, could come this week. “It’s quite possible to see documents signed this week,” Henderson said. The comments followed a statement by […]