Magna International

Magna will halt founder Stronach's compensation at end of 2014

April 8, 2014 11:10 CET
Canadian supplier Magna International paid $52 million in consulting fees to billionaire founder Frank Stronach in 2013, but the company is stressing that his compensation will stop at the end of this year.... Read More »

 

Magna says Stronach payouts end this year after $52 million in consulting fees in 2013

3:52 pm U.S. ET | April 7, 2014
Canadian auto supplier Magna International paid $52 million in consulting fees to billionaire founder Frank Stronach in 2013, but the company is stressing that his compensation will stop at the end of this year.... Read More »

 

Backup camera mandate boosts suppliers

8:09 am U.S. ET | April 5, 2014
The biggest beneficiary of the new federal mandate for rearview cameras is likely to be Magna International, which claims 40 percent of the North American market for the equipment. Other suppliers such as Delphi Automotive, Gentex, Panasonic and Valeo also are poised to profit.... Read More »

 

Magna's Q4 net income jumps 31%

12:51 pm U.S. ET | March 3, 2014
Magna International said its fourth-quarter profit jumped 31 percent, driven by a pickup in North America and Europe, and hiked its dividend. Net income attributable to the company rose to $458 million in the fourth quarter, from $351 million a year earlier, the company said in a statement.... Read More »

 

Magna forms Chinese joint venture to produce front-end modules

Feb. 18, 2014 12:47 CET
Magna has created a joint venture with Chongqing Guangneng Rongneng Trim to produce front-end modules for automakers in China.... Read More »

 

GM rolls back contentious terms in purchasing contract

8:00 am U.S. ET | Feb. 11, 2014
GM is rolling back controversial changes it made last year to its purchasing contract, including new terms that some suppliers believed exposed them to greater warranty liability. GM in July rolled out the biggest overhaul to its supplier contract framework in 20 years.... Read More »

 

Magna will grow, but not via PSA's Faurecia stake, CEO says

Nov. 22, 2013 11:11 CET
Magna International has the balance sheet and cash flow to support growth, but won't bid for PSA's stake in supplier Faurecia, said Don Walker, the company's CEO.... Read More »

 

PSA share sale hits snag as Dongfeng seeks smaller stake, report says

Nov. 20, 2013 16:34 CET
PSA/Peugeot-Citroen's plan to raise funds through a share sale have hit a snag as China's Dongfeng Motor seeks a smaller stake than first discussed, sources said.... Read More »

 

Magna profits fall on turnaround moves; sales rise as Europe outlook improves

8:44 am U.S. ET | Nov. 6, 2013
Canadian auto parts supplier Magna International said third quarter net income fell 18 percent to $319 million. The company cited $33 million in restructuring charges and said it expects about $94 million in restructuring costs during the second half of the year.... Read More »

 

Magna's quarterly sales rise nearly 13% as Europe business improves

Nov. 6, 2013 13:55 CET
Canadian supplier Magna, which has been working to turn around inefficient operations in Europe, reported a nearly 13 percent rise in quarterly sales as business in the region improved.... Read More »

 

Magna expects China sales to quadruple by 2020

Oct. 30, 2013 11:55 CET
Canadian supplier Magna aims to generate $4 billion (24.35 billion yuan) in sales in China by 2020, more than four times the revenue expected for this year.... Read More »

 

Magna founder Stronach to quit Austrian politics

Oct. 23, 2013 13:40 CET
Frank Stronach, who founded supplier Magna International, will retire from Austrian politics after scoring just 6 percent in national elections with his party last month.... Read More »

 

Magna, IAC, Faurecia part of German price-fixing probe

4:01 am U.S. ET | Sept. 25, 2013
German antitrust authorities searched the offices of Magna International, IAC Group, Faurecia, and three other automotive suppliers Tuesday.... Read More »

 

Magna, IAC, Faurecia part of German price-fixing probe

Sept. 25, 2013 10:01 CET
German antitrust authorities searched the offices of Magna International, IAC Group, Faurecia, Borgers, Autoneum and one other automotive supplier Tuesday. The companies are under investigation on suspicion of price fixing.... Read More »

 

Magna opens drivetrain parts plant in China

Sept. 2, 2013 08:34 CET
Magna has opened its sixth drivetrain component plant in China, in the northern city of Tianjin. The $68 million (419 million yuan) factory will employ 400 people at full production, the supplier said.... Read More »

 

AUTOMOTIVE NEWS EUROPE E-MAGAZINE

Partsmakers take a hit

Aug. 15, 2013 06:01 CET
Europe's top partsmakers had a tough 2012. Overall European sales by suppliers in the top 30 ranking fell by... Read More »

 

Magna posts 19% gain in profit, raises sales forecast on Europe recovery

Aug. 12, 2013 06:01 CET
Magna reported a 19 percent rise in second-quarter profit and lifted its 2013 sales forecast, buoyed by better-than-expected European and North American earnings.... Read More »

 

Magna posts 19% gain in profit, raises sales forecast

6:27 am U.S. ET | Aug. 9, 2013
Canadian auto parts maker Magna International reported a 19 percent rise in second-quarter profit and lifted its sales forecast for the year, buoyed by increased vehicle production in North America.... Read More »

 

Demel steps down at Magna

July 12, 2013 10:43 CET
Herbert Demel, a former CEO at Fiat and Audi, has stepped down as chief strategy officer at Magna.... Read More »

 

Magna moving U.S. HQ to larger space in suburban Detroit

2:43 pm U.S. ET | June 11, 2013
Magna International plans to relocate about 300 employees into 117,300 square feet of office space at its new United States headquarters by September. The Canadian automotive supplier said it will move from its existing office in Troy, Mich., to a larger facility nearby.... Read More »

 

Magna opens body, chassis plant in China's Chongqing

May 20, 2013 09:36 CET
Magna's Cosma unit has opened a plant in southwest China to supply body and chassis parts to automakers in the area including Ford Motor Co. and Volkswagen.... Read More »

 

Magna hikes full-year forecast on strong Q1 profit

May 13, 2013 06:01 CET
Magna International has hiked its full-year sales forecasts after posting a better-than-expected profit and a 9 percent rise in revenue in the first quarter.... Read More »

 

Magna stock hits record high as Q1 profits improve, forecast rises

9:56 am U.S. ET | May 10, 2013
Magna International shares hit a record high today as the Canadian supplier hiked its full-year sales forecasts after posting a better-than-expected profit and a 9 percent rise in revenue in the first quarter.... Read More »

 

Magna founder Stronach aims to reshape Austria's politics

April 29, 2013 06:01 CET
Frank Stronach, 80, has no interest in retiring after building Magna into a top supplier. He has launched anew political party, Team Stronach, in Austria.... Read More »

 

A modest retirement goal: Reshape Austria's politics

12:01 am U.S. ET | April 29, 2013
White-haired, tanned and vigorous at 80, Frank Stronach clearly has zero interest in retiring after building North America's biggest auto parts company. He now intends to jolt politics in his native Austria.... Read More »

 

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