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| location = [[Aurora, Ontario]], [[Canada]]
| location = [[Aurora, Ontario]], [[Canada]]
| key_people = Donald Walker, co-CEO<br />Siegfried Wolf, co-CEO<br />Vincent J. Galifi, Executive VP & CFO
| key_people = Donald Walker, co-CEO<br />Siegfried Wolf, co-CEO<br />Vincent J. Galifi, Executive VP & CFO
| industry = Automotive systems, comp and modules
| industry = Automotive systems, components and modules
| products = [[Magna International#Products and services|See products listing.]]
| products = [[Magna International#Products and services|See products listing.]]
| revenue = $23.704 billion [[United States dollar|USD]] (2008)<ref name=google_finance/>
| revenue = $23.704 billion [[United States dollar|USD]] (2008)<ref name=google_finance/>
| operating_income = $328 million [[United States dollar|USD]] (2008)<ref name=google_finance/>
| operating_income = $328 million [[United States dollar|USD]] (2008)<ref name=google_finance/>
| net_income = $71 million [[United States dollar|USD]] (2008)<ref name=google_finance/>
| net_income = $77 million [[United States dollar|USD]] (2008)<ref name=google_finance/>
| num_employees = 74,000 (Mar '09)<ref name=google_finance>{{cite web |url=http://www.google.com/finance?q=TSE:MG.A |title=Google Finance - Company Profile for Magna International Inc}}</ref>
| num_employees = 72,000 (Mar '09)<ref name=google_finance>{{cite web |url=http://www.google.com/finance?q=TSE:MG.A |title=Google Finance - Company Profile for Magna International Inc}}</ref>
| homepage = [http://www.magna.com/ www.magna.com]
| homepage = [http://www.magna.com/ www.magna.com]
}}
}}


'''Magna International Inc.''' ({{TSX|MG}}) is a [[Canada|Canadian]] [[company (law)|company]] based in [[Aurora, Ontario]]. It is Canada's largest [[automobile]] parts [[manufacturer]], and one of the country's largest companies. It owns the successful [[Magna Steyr]] automobile production company of [[Austria]].
'''Magna International Inc.''' ({{TSX|MG}}), [[www.magna.com]], was founded in 1957 by Austrian-born Frank Stronach as '''Multimatic'''. This company merged with '''Magna Electronics''' in 1969, and the combined company became '''Magna International''' in 1973.


Magna is the most diversified global automotive supplier. Magna designs, develops and manufactures technologically advanced systems, assemblies, modules and components, and engineer and assemble complete vehicles, primarily for sale to original equipment manufacturers (“OEMs”) of cars and light trucks. Magna's capabilities include the design, engineering, testing and manufacture of automotive interior systems; seating systems; closure systems; body and chassis systems; vision systems; electronic systems; exterior systems; powertrain systems; roof systems; as well as complete vehicle engineering and assembly.
The company was founded in 1957 by the Austrian-born [[Frank Stronach]] as '''Multimatic'''. This company merged with '''Magna Electronics''' in 1969, and the combined company became '''Magna International''' in 1973.


Magna has approximately 72,000 employees in 242 manufacturing operations and 85 product development, engineering and sales centres in 25 countries.
On May 30, 2009, it was announced that a deal had been reached to transfer [[General Motors Chapter 11 reorganization#Sale of Opel and Vauxhall|General Motors Corporation]] (GM)-owned [[Opel]] and [[Vauxhall Motors|Vauxhall]] assets to a separate company majority-owned by a consortium led by Magna International.<ref> http://www.tagesschau.de/wirtschaft/opelkonzept102.html</ref><ref>{{cite web|url=http://news.bbc.co.uk/2/hi/business/8074924.stm |title=Business &#124; Germany picks Magna to save Opel |publisher=BBC News |date=2009-05-30 |accessdate=2009-10-25}}</ref> Subsequently, however, the deal was placed in limbo as GM declared opposition to it while the German government supported it.<ref>{{cite web|url=http://www.autoweek.com/article/20090729/CARNEWS/907299995 |title=General Motors says Magna's Opel bid has obstacles, RHJ's is easier to accept: AutoWeekMagazine |publisher=Autoweek.com |date= |accessdate=2009-10-25}}</ref><ref>{{cite web|url=http://www.bloomberg.com/apps/news?pid=20601109&sid=adQJXZIxMA_I |title=Germany’s Ruling Parties to Champion Magna’s Opel Bid (Update1) |publisher=Bloomberg.com |date=2009-08-04 |accessdate=2009-10-25}}</ref>


Magna also manufactures [[auto part]]s that are primarily supplied to GM, [[Ford Motor Company]], and [[Chrysler Corporation|Chrysler LLC]]. In addition to the [[Big Three automobile manufacturers|Big 3]] U.S. automakers, Magna's major customers include [[Volkswagen]], [[BMW]] and [[Toyota]]. In [[Europe]], [[Magna Steyr]] holds contracts for the assembly of the [[Jeep Grand Cherokee]], [[Chrysler Voyager]] minivan and [[BMW X3]] [[Sport utility vehicle|SUV]]. Magna has a relatively minimal presence in [[Asia]] with just 3 manufacturing centres in South Korea, 1 in Kunshan, China and 2 engineering centres in South Korea and China.<ref name=autogenerated1>National Post, Tues Nov 13 2007, page FP6</ref>\
Magna manufactures [[auto part]]s that are primarily supplied to all major automakers including [[General Motors]], [[Ford Motor Company]], [[Chrysler Corporation|Chrysler LLC]], [[Volkswagen]], [[BMW]], [[Mercedes]], [[Nissan]], [[Toyota]], [[Honda]] and [[Hyundai]]. In [[Europe]], [[Magna Steyr]] holds contracts for the assembly of the [[Jeep Grand Cherokee]], [[Chrysler Voyager]] minivan and [[BMW X3]] [[Sport utility vehicle|SUV]].


==Acquisitions==
==Acquisitions==
Magna acquired 80% of [[New Venture Gear]], once a [[joint-venture]] between [[General Motors Corporation|General Motors]] and [[Chrysler Corporation|Chrysler]], in September 2004, and combined it into Magna Powertrain. It assumed full ownership in 2007.
September 2004--Magna acquired 80% of [[New Venture Gear]], once a [[joint-venture]] between [[General Motors Corporation|General Motors]] and [[Chrysler Corporation|Chrysler]], and combined it into Magna Powertrain. It assumed full ownership in 2007.


Magna purchased [[CTS Fahrzeug-Dachsysteme]], the world's leading supplier of [[convertible]] roofs, from [[Porsche]] in November 2005.
November 2005--Magna purchased [[CTS Fahrzeug-Dachsysteme]], the world's leading supplier of [[convertible]] roofs, from [[Porsche]] in November 2005.


⚫
April 2008-- Cosma International, an operating unit of Magna, announced that they were buying the Ogihara America Corp. stamping plant in Birmingham, Alabama, that makes parts for Mercedes-Benz and other automakers.<ref>[http://www.bizjournals.com/birmingham/stories/2008/04/21/daily10.html Ogihara America sells local auto supply plant - Birmingham Business Journal]</ref>
The Sunday Telegraph (Psychic Division) in London reported January 7, 2008 that Magna International was on the short list of bidders to purchase [[Aston Martin]] Lagonda Limited from Ford Motor Company. Their bid was unsuccessful however, and the company instead went to a British consortium led by [[David Richards (racing)|Dave Richards]] of [[Prodrive]] for [[Pound sterling|£]]479 million.<ref>[http://news.bbc.co.uk/1/hi/business/6442101.stm BBC News Article]</ref>


August 2008--Magna International announced the acquisition of Technoplast, a supplier of plastic exterior and interior components, located in Nizhny Novgorod, Russia.
According to a [[National Public Radio|NPR]] broadcast on March 23, 2007, Magna showed interest in acquiring the Chrysler division of [[DaimlerChrysler]]. However on 14 May, 2007, it was announced that [[Cerberus Capital Management]] had won the acquisition bid for $7.4 billion.


October 2008--Magna Electronics, an operating unit of Magna, announced the acquisition of BluWav Systems LLC, a developer and supplier of electric and energy-management systems for hybrid electric vehicles.
⚫
In April 2008, Magna's wholly owned subsidiary, Cosma International, announced that they were buying the Ogihara America Corp. stamping plant in Birmingham, Alabama, that makes parts for Mercedes-Benz and other automakers.<ref>[http://www.bizjournals.com/birmingham/stories/2008/04/21/daily10.html Ogihara America sells local auto supply plant - Birmingham Business Journal]</ref>


February 2009--Decoma International, an operating unit of Magna announced, that is has entered into an agreement to acquire Cadence Innovation s.r.o. (Cadence Europe), a supplier of automotive interior and exterior plastic components and systems.
===General Motors Europe===
{{main|General Motors Europe#New GM Europe}}


June 2009--Decoma International, an operating unit of Magna, completed an agreement with Meridian Automotive Systems to acquire elements of Meridian's composite business.
On May 26 2009, BBC online reported that German government is considering 3 proposals for acquisition of [[Opel]] and [[Vauxhall Motors|Vauxhall]] including a Russian-backed bid from Magna.<ref>{{cite web|url=http://news.bbc.co.uk/2/hi/business/8068678.stm |title=Business &#124; UK considering Vauxhall support |publisher=BBC News |date=2009-05-26 |accessdate=2009-10-25}}</ref> On May 29 2009, CNN online reported that Fiat has pulled out of Opel/Vauxhall acquisition talks leaving Magna as the only contender.<ref>{{cite web|url=http://edition.cnn.com/2009/BUSINESS/05/29/opel.germany.cars.future/index.html |title=Reports: Germany tilts toward Magna for Opel - CNN.com |publisher=Edition.cnn.com |date= |accessdate=2009-10-25}}</ref> The German government later backed the deal.<ref>{{cite web|url=http://news.bbc.co.uk/1/hi/business/8074924.stm |title=Business &#124; Germany picks Magna to save Opel |publisher=BBC News |date=2009-05-30 |accessdate=2009-10-25}}</ref>

On 30 May 2009, it was announced that a deal had been reached to transfer GM's Opel assets to a separate company majority-owned by a consortium led by [[Sberbank]] of Russia (27.5%), Magna International of Canada (27.5%), and Opel employees and car dealers (10%). GM is expected to keep a 35% minority stake in the new company.<ref>{{cite news |first= |last= |authorlink= |coauthors= |title=Germany picks Magna to save Opel |url=http://news.bbc.co.uk/2/hi/business/8074924.stm |work=BBC News |publisher= |date=May 30, 2009 |accessdate=}}</ref><ref>{{cite news |first=Tim |last=Weber |authorlink= |coauthors= |title=Analysis: Opel's survival still at stake |url=http://news.bbc.co.uk/2/hi/business/8075157.stm |work=BBC News |publisher= |date=May 30, 2009 |accessdate=}}</ref> Less than a month later, however, GM indicated that it has not yet closed the deal with Magna and is considering other late bids, including one from [[Beijing Automotive Industry Holding Corporation]]. <ref>{{cite web|url=http://www.theautochannel.com/news/2009/06/25/467151.html |title=GM Asks Beijing Auto for Enhanced Offer for Opel... What Happened to That Other Guy, Magna? |publisher=Theautochannel.com |date=2009-06-25 |accessdate=2009-10-25}}</ref>

Magna's plans for Opel include attracting GM or third-party carmakers to build their cars and [[electric vehicle]]s in [[Antwerp]].<ref>{{cite web|url=http://www.reuters.com/article/businessNews/idUKTRE54S4GG20090529?pageNumber=1&virtualBrandChannel=10482 |title=FACTBOX: Magna's plans for Opel |publisher=Reuters |date=2009-05-29 |accessdate=2009-10-25}}</ref> If Opel needed to reduce production of its own core models then any unused capacity could be used to manufacture vehicles for other carmakers. Inside sources close to Magna revealed that some of the possible third party carmakers include [[Ford]] and [[PSA Peugeot Citroen]]. <ref>{{cite web|last=Weber |first=Jeremy |url=http://www.motorauthority.com/report-magna-considers-using-opel-to-build-cars-for-other-brands.html |title=Report: Magna considers using Opel to build cars for other brands |publisher=MotorAuthority |date=2009-05-17 |accessdate=2009-10-25}}</ref>

It was announced on September 10th that GM had closed a deal with Magna for the sale of GM Europe,<ref name="autogenerated2">{{cite web|url=http://news.bbc.co.uk/1/hi/business/8247971.stm |title=Business &#124; Opel and Vauxhall to go to Magna |publisher=BBC News |date=2009-09-10 |accessdate=2009-10-25}}</ref> with the approval of the German government.<ref>{{cite news|url=http://news.bbc.co.uk/1/hi/business/8247971.stm|title=Opel and Vauxhall to go to Magna|publisher=BBC News|date=2009-09-10|accessdate=2009-09-10}}</ref> With this move, Magna Chairman [[Frank Stronach]] aims to take Magna from its current role as a parts supplier to an expanded role as a global automaker that ranks “amongst the leaders in selling and building [[electric car]]s.” <ref>{{cite web|last=Garthwaite |first=Josie |url=http://earth2tech.com/2009/06/02/magna-moves-on-opel-gears-up-for-electric-car-bet/ |title=Magna Moves on Opel, Gears Up for Electric Car Bet |publisher=Earth2tech.com |date=2009-06-02 |accessdate=2009-10-25}}</ref>

On 3 November 2009, the GM board called off the Magna deal after coming to the conclusion that Opel was crucial to GM's global strategy. <ref>http://news.bbc.co.uk/2/hi/business/8341485.stm</ref>


==Operations==
==Operations==
Magna employs 83,000 employees at 240 manufacturing operations in 24 countries around the world. Magna supports these operations with 62 engineering and R&D centres in 14 countries.<ref name=autogenerated1/> Its largest operations region is Canada with 61 manufacturing operations and 8 engineering centres.
Magna employs 72,000 employees in 242 manufacturing operations and 86 product development and engineering centers in 25 countries.


==Products and services==
==Products and services==
Magna's capabilities include the design, engineering, testing and manufacture of automotive interior systems; seating systems; closure systems; body and chassis systems; vision systems; electronic systems; exterior systems; powertrain systems; roof systems; as well as complete vehicle engineering and assembly.
Magna's products and services include:
*Automotive interior and closure components
*Metal body systems, components, assemblies and modules
*Exterior and interior mirror and engineered glass systems
*[[Fascia (car)|Fascias]]
*Front and rear end modules
*Plastic body panels
*Exterior trim components and systems
*Greenhouse and sealing systems
*Roof modules and retractable/convertible tops
*Lighting components
*[[Engine]], [[transmission (mechanics)|transmission]] and fueling systems and components
*[[Drivetrain]] components ([[New Venture Gear]])
*Complete vehicle [[engineering]] and assembly through Magna Steyr.
*Aftermarket products ([[booster seat]]s and deck sound/lighting systems)
*Complete seating systems


== Electric vehicles ==
== Electric vehicles ==
Line 74: Line 50:


===Electric vehicle development===
===Electric vehicle development===
⚫
A few months after a round of preliminary discussions with [[Ford Motor Company]] with regard to all-electric ([[Battery electric vehicle|BEV]]) vehicles, Magna made a visit<ref>{{cite web|author=Colin&nbsp;Mathews |url=http://blogs.thecarconnection.com/marty-blog/1018261_ford-and-magna-international-to-partner-on-electric-vehicle |title=Ford And Magna International To Partner On Electric Vehicle - The Car Connection |publisher=Blogs.thecarconnection.com |date=2009-02-02 |accessdate=2009-10-25}}</ref> to Ford in August 2008 to demonstrate a [[Ford Focus (North America)#Electric version|Ford Focus]] it had procured and converted to battery operation on its own time and expense.<ref>{{cite web|url=http://www.detnews.com/apps/pbcs.dll/article?AID=/20090202/AUTO01/902020354/1148/rss25 |title=Ford's electric car project charges ahead &#124; detnews.com &#124; The Detroit News |publisher=detnews.com |date= |accessdate=2009-10-25}}</ref> The result was a contract to supply an electric drivetrain for the North American version of the 2011 all-electric [[Ford Motor Companyll-electric vehicles|Focus RV]].<ref>{{cite web|last=Valdes |first=Peter |url=http://money.cnn.com/2009/03/20/autos/ford_electric/index.htm |title=Ford turns to a supplier to build an electric car - Mar. 20, 2009 |publisher=Money.cnn.com |date=2009-03-20 |accessdate=2009-10-25}}</ref> By August 2009, a team of Magna employees was working along with Ford engineers in [[Dearborn, Michigan|Dearborn]].<ref>{{cite web|last=Pope |first=Byron |url=http://wardsauto.com/ar/ford_bev_marketing_090806/ |title=Ford Challenged by Focus BEV Marketing Strategy |publisher=Wardsauto.com |date=2009-08-06 |accessdate=2009-10-25}}</ref> In October, industry publication [[Ward's#Ward's AutoWorld|Ward's Auto World]] reported that Magna has been approached by several other automakers worldwide to acquire or purchase the same technology, which Magna says is designed to be custom-configured for a variety of applications.<ref>{{cite web|last=Zoia |first=David E. |url=http://wardsauto.com/ar/magna_more_ev_091021/ |title=Magna: More EV Programs to Come |publisher=Wardsauto.com |date=2009-10-21 |accessdate=2009-10-25}}</ref>
{{Main|Electric vehicle|PHEV}}
Magna International Inc. has joined the race to develop a [[plug-in hybrid]] car and plans to have a prototype on the road in 2009 or 2010.<ref>[http://www.theglobeandmail.com/servlet/story/LAC.20080429.RMAGNA29/TPStory/Business reportonbusiness.com: Magna’s next car to be powered by electricity]</ref> It could supply any or all of the electric vehicle's subsystems to a carmaker, and could also supply an electric vehicle concept.<ref name="lexisnexis1"/> This has changed after the acquisition of Opel and Magna can now offer the electric vehicle by itself.


⚫
A few months after a round of preliminary discussions with [[Ford Motor Company]] with regard to all-electric ([[Battery electric vehicle|BEV]]) vehicles, Magna made a surprise visit<ref>{{cite web|author=Colin&nbsp;Mathews |url=http://blogs.thecarconnection.com/marty-blog/1018261_ford-and-magna-international-to-partner-on-electric-vehicle |title=Ford And Magna International To Partner On Electric Vehicle - The Car Connection |publisher=Blogs.thecarconnection.com |date=2009-02-02 |accessdate=2009-10-25}}</ref> to Ford in August 2008 to demonstrate a [[Ford Focus (North America)#Electric version|Ford Focus]] it had procured and converted to battery operation on its own time and expense.<ref>{{cite web|url=http://www.detnews.com/apps/pbcs.dll/article?AID=/20090202/AUTO01/902020354/1148/rss25 |title=Ford's electric car project charges ahead &#124; detnews.com &#124; The Detroit News |publisher=detnews.com |date= |accessdate=2009-10-25}}</ref> The result was a contract to supply an electric drivetrain for the North American version of the 2011 all-electric [[Ford Motor Companyll-electric vehicles|Focus RV]].<ref>{{cite web|last=Valdes |first=Peter |url=http://money.cnn.com/2009/03/20/autos/ford_electric/index.htm |title=Ford turns to a supplier to build an electric car - Mar. 20, 2009 |publisher=Money.cnn.com |date=2009-03-20 |accessdate=2009-10-25}}</ref> By August 2009, a team of Magna employees was working along with Ford engineers in [[Dearborn, Michigan|Dearborn]].<ref>{{cite web|last=Pope |first=Byron |url=http://wardsauto.com/ar/ford_bev_marketing_090806/ |title=Ford Challenged by Focus BEV Marketing Strategy |publisher=Wardsauto.com |date=2009-08-06 |accessdate=2009-10-25}}</ref> In October, industry publication [[Ward's#Ward's AutoWorld|Ward's Auto World]] reported that Magna has been approached by several other automakers worldwide to acquire or purchase the same technology, which Magna says is designed to be custom-configured for a variety of applications.<ref>{{cite web|last=Zoia |first=David E. |url=http://wardsauto.com/ar/magna_more_ev_091021/ |title=Magna: More EV Programs to Come |publisher=Wardsauto.com |date=2009-10-21 |accessdate=2009-10-25}}</ref>


==Political connections==
The firm is also known for its political connections, such as having former [[Premier]]s of Ontario on its board, as well as connections with numerous other former politicians. Some politicians who have had notable positions with Magna include [[Mike Harris#Out of politics|Mike Harris]] and [[Brian Tobin#Post-political career|Brian Tobin]], retired Premiers of Ontario and Newfoundland Labrador, respectively, and the latter also a once prominent federal minister. In 1988, Frank Stronach ran as a candidate for [[Parliament of Canada|parliament]] for the federal [[Liberal Party of Canada|Liberal Party]], but was defeated.

In 2004, Stronach's daughter and former company head [[Belinda Stronach]] ran for the leadership of the [[Conservative Party of Canada|Conservative Party]]. While she failed in her bid for the leadership of the party, she was elected in her riding ([[Newmarket-Aurora]]) in the [[Canadian general election, 2004|2004 federal election]]. In May 2005 she crossed the floor to sit in [[Paul Martin]]'s cabinet for the Liberal Party of Canada.
In the Federal Election of January 23, 2006 Belinda Stronach won the Newmarket-Aurora riding for the Liberal Party. She instead decided to sit the contest out, and on April 11, 2007 announced she would no longer run in the next election as an MP in parliament. She continued to sit as an MP until the fall of 2008.

On March 18, 2005, former [[United States]] ambassador to Canada and former [[Massachusetts]] [[Governor]] [[Paul Cellucci]] joined Magna as a vice-president of its entertainment division. Cellucci resigned his position on July 5, 2006.

===Ontario "Magna budget"===
Magna International has also been noted for its connections to the [[Ontario Progressive Conservative Party]] and the [[Ontario Liberal Party]]. In 2003, the Progressive Conservatives under [[Ernie Eves]] presented the provincial budget at a Magna plant leading to accusations that the government was violating centuries of parliamentary tradition. It is believed that this decision had a negative impact on the Progressive Conservatives in the next provincial election.


==Corporate governance==
==Corporate governance==
Current members of the [[board of directors]] of Magna International are: [[William Fike]], [[Manfred Gingl]], [[Mike Harris]], [[Edward Lumley]], [[Klaus Mangold]], [[Donald Resnick]], [[Royden Richardson]], [[Frank Stronach]], [[Franz Vranitzky]], and Siegfried Wolf.
Current members of the [[board of directors]] of Magna International are: [[Frank Stronach]], the Chairman of the Board, [[Michael D. Harris]], Lead Director, [[Eric E. Eberhardson]], [[Lady Barbara Judge]], [[Louis E. Lataif]], [[Klaus Mangold]], [[Donald Resnick]], [[Belinda Stronach]], [[Franz Vranitzky]], [[Donald J. Walker]], [[Gregory C. Wilkins]], [[Siegfried Wolf]] and [[Lawrence D. Worrall]].

The board of directors of the company formerly included Belinda Stronach. Siegfried Wolf's pay for the 2004 fiscal year was $4.78 million [[United States dollar|USD]].<ref>{{cite web|url=http://finance.yahoo.com/q/pr?s=mga |title=MGA: Profile for MAGNA INTL CL A - Yahoo! Finance |publisher=Finance.yahoo.com |date= |accessdate=2009-10-25}}</ref>


==Sponsorships==
From 1999 to 2008, Magna was the principal sponsor of [[FK Austria Wien]], one of [[Vienna]]'s two major [[association football]] clubs. During this time, the team was known as ''FK Austria Memphis Magna''.


==See also==
==See also==
* [[Belinda Stronach]]
* [[Belinda Stronach]]
* [[Magna Steyr]]
* [[Magna Steyr]]
* [[General Motors bankruptcy]]


==References==
==References==
Line 110: Line 69:
* [http://www.magna.com Magna International website]
* [http://www.magna.com Magna International website]
* [http://www.magnaclek.com Magna Marque website]
* [http://www.magnaclek.com Magna Marque website]
* [http://www.socialistproject.ca/caw.html Critical analysis of the Magna-CAW agreement]


{{Companies portal}}
{{Companies portal}}

Revision as of 16:38, 19 November 2009

Magna International Inc.
Company typePublic (NYSE: MGA)
(TSX: MG)
IndustryAutomotive systems, components and modules
Founded1957
HeadquartersAurora, Ontario, Canada
Key people
Donald Walker, co-CEO
Siegfried Wolf, co-CEO
Vincent J. Galifi, Executive VP & CFO
ProductsSee products listing.
Revenue$23.704 billion USD (2008)[1]
$328 million USD (2008)[1]
$77 million USD (2008)[1]
Number of employees
72,000 (Mar '09)[1]
Websitewww.magna.com

Magna International Inc. (TSX: MG), www.magna.com, was founded in 1957 by Austrian-born Frank Stronach as Multimatic. This company merged with Magna Electronics in 1969, and the combined company became Magna International in 1973.

Magna is the most diversified global automotive supplier. Magna designs, develops and manufactures technologically advanced systems, assemblies, modules and components, and engineer and assemble complete vehicles, primarily for sale to original equipment manufacturers (“OEMs”) of cars and light trucks. Magna's capabilities include the design, engineering, testing and manufacture of automotive interior systems; seating systems; closure systems; body and chassis systems; vision systems; electronic systems; exterior systems; powertrain systems; roof systems; as well as complete vehicle engineering and assembly.

Magna has approximately 72,000 employees in 242 manufacturing operations and 85 product development, engineering and sales centres in 25 countries.

Magna manufactures auto parts that are primarily supplied to all major automakers including General Motors, Ford Motor Company, Chrysler LLC, Volkswagen, BMW, Mercedes, Nissan, Toyota, Honda and Hyundai. In Europe, Magna Steyr holds contracts for the assembly of the Jeep Grand Cherokee, Chrysler Voyager minivan and BMW X3 SUV.

Acquisitions

September 2004--Magna acquired 80% of New Venture Gear, once a joint-venture between General Motors and Chrysler, and combined it into Magna Powertrain. It assumed full ownership in 2007.

November 2005--Magna purchased CTS Fahrzeug-Dachsysteme, the world's leading supplier of convertible roofs, from Porsche in November 2005.

April 2008-- Cosma International, an operating unit of Magna, announced that they were buying the Ogihara America Corp. stamping plant in Birmingham, Alabama, that makes parts for Mercedes-Benz and other automakers.[2]

August 2008--Magna International announced the acquisition of Technoplast, a supplier of plastic exterior and interior components, located in Nizhny Novgorod, Russia.

October 2008--Magna Electronics, an operating unit of Magna, announced the acquisition of BluWav Systems LLC, a developer and supplier of electric and energy-management systems for hybrid electric vehicles.

February 2009--Decoma International, an operating unit of Magna announced, that is has entered into an agreement to acquire Cadence Innovation s.r.o. (Cadence Europe), a supplier of automotive interior and exterior plastic components and systems.

June 2009--Decoma International, an operating unit of Magna, completed an agreement with Meridian Automotive Systems to acquire elements of Meridian's composite business.

Operations

Magna employs 72,000 employees in 242 manufacturing operations and 86 product development and engineering centers in 25 countries.

Products and services

Magna's capabilities include the design, engineering, testing and manufacture of automotive interior systems; seating systems; closure systems; body and chassis systems; vision systems; electronic systems; exterior systems; powertrain systems; roof systems; as well as complete vehicle engineering and assembly.

Electric vehicles

Subsystems

It bolstered its efforts by buying a Michigan-based company that focuses on propulsion and energy management for electric vehicles. The company is developing an entire range of components for the car, from electric engines to heating systems, which are originally made to run off internal combustion engines (ICE). Its Electronics unit bought BluWav Systems LLC.[3]

Electric vehicle development

A few months after a round of preliminary discussions with Ford Motor Company with regard to all-electric (BEV) vehicles, Magna made a visit[4] to Ford in August 2008 to demonstrate a Ford Focus it had procured and converted to battery operation on its own time and expense.[5] The result was a contract to supply an electric drivetrain for the North American version of the 2011 all-electric Focus RV.[6] By August 2009, a team of Magna employees was working along with Ford engineers in Dearborn.[7] In October, industry publication Ward's Auto World reported that Magna has been approached by several other automakers worldwide to acquire or purchase the same technology, which Magna says is designed to be custom-configured for a variety of applications.[8]


Corporate governance

Current members of the board of directors of Magna International are: Frank Stronach, the Chairman of the Board, Michael D. Harris, Lead Director, Eric E. Eberhardson, Lady Barbara Judge, Louis E. Lataif, Klaus Mangold, Donald Resnick, Belinda Stronach, Franz Vranitzky, Donald J. Walker, Gregory C. Wilkins, Siegfried Wolf and Lawrence D. Worrall.


See also

References

  1. ^ a b c d "Google Finance - Company Profile for Magna International Inc".
  2. ^ Ogihara America sells local auto supply plant - Birmingham Business Journal
  3. ^ http://www6.lexisnexis.com/publisher/EndUser?Action=UserDisplayFullDocument&orgId=101846&topicId=104970025&docId=l:873615076
  4. ^ Colin Mathews (2009-02-02). "Ford And Magna International To Partner On Electric Vehicle - The Car Connection". Blogs.thecarconnection.com. Retrieved 2009-10-25.
  5. ^ "Ford's electric car project charges ahead | detnews.com | The Detroit News". detnews.com. Retrieved 2009-10-25.
  6. ^ Valdes, Peter (2009-03-20). "Ford turns to a supplier to build an electric car - Mar. 20, 2009". Money.cnn.com. Retrieved 2009-10-25.
  7. ^ Pope, Byron (2009-08-06). "Ford Challenged by Focus BEV Marketing Strategy". Wardsauto.com. Retrieved 2009-10-25.
  8. ^ Zoia, David E. (2009-10-21). "Magna: More EV Programs to Come". Wardsauto.com. Retrieved 2009-10-25.

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