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Magna International Inc.
Type Public (NYSEMGA)
(TSXMG)
Founded 1957
Headquarters Aurora, Ontario, Canada
Key people Donald Walker, co-CEO
Siegfried Wolf, co-CEO
Vincent J. Galifi, Executive VP & CFO
Industry Automotive systems, components and modules
Products See products listing.
Revenue $23.704 billion USD (2008)[1]
Operating income $328 million USD (2008)[1]
Net income $77 million USD (2008)[1]
Employees 72,000 (Mar '09)[1]
Website www.magna.com

Magna International Inc. (TSXMG), 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.

Contents

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 developed in cooperation with Mobileye; electronic systems; exterior systems; powertrain systems; roof systems; as well as complete vehicle engineering and assembly.

Electric vehicles

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Subsystems

It bolstered its efforts by buying a Michigan-based company that focuses on propulsion and energy management for electric vehicles and trains. 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

External links


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