History
Magna International was founded in 1957 by an Austrian national living in Canada named Frank Stronach. It was originally known as Multimatic. The company merged with Magna Electronics in 1969. Finally in 1973, it was renamed as Magna International.Magna International is known for its political connections. The company was close to Ontario Progressive Party and 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 violated Parliamentary norms and traditions. On account of this incident, the government of Canada had to face negative repercussions.
Activities
In September 2004, Magna acquired an 80% share of New Venture Gear, a company that was once a joint venture between General Motors and Chrysler. Later on, Magna merged with Magna Powertrain. The company assumed final control in 2007.Magna purchased CTS Fahrzeng Dachhystme, the world's leading supplier of convertible roofs, from Porsche in November 2005. The Sunday Telegraph reported that in London on January 7, 2007, Magna International was short listed to bid for the purchase Aston Martin Lagonda Limited from the Ford Motor Company. The estimated bidding price was likely to exceed $1 billion.
Performance
In 2005 Magna achieved net sales amounting to $22,811 million and a net income of $639 million. From 2005 to 2006, it had an employee growth of 1.2%.Infrastructure
Magna International has a wide range of products and services. These are:- Automotive interior and closure components
- Metal body systems, assemblies, and modules
- Exterior, interior mirror, and glass systems
- Front and rear end modules
- Exterior trim components and systems
- Roof modules
- Lighting components
- Engine, transmission, and fuelling systems and components
- Drive train components
Global Structure:
In Magna International, manufacturing and assembling operations are carried out through various divisions. Each division is autonomous and is under the supervision of a general manager. It is the general manager who determines rates of pay, hours of work, sources of supply and contracts, within the framework of Corporate Constitution and Employee Charter.Name of the organization and Chairman:
Magna International Inc
337 Magna Drive
Aurora, Ontario
L 4G,7K1
Canada
Chairman: Frank Stronach
Co-CEO, President and CEO,
Intier Automotive Inc: Donald Walker
Co-CEO: Seigfried Wolf
Website: www.magnaint.com
