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Latest Magna International Stories

2010-01-07 15:45:00

AURORA, ON, Jan. 7 /PRNewswire-FirstCall/ - Magna International announced today it will join the ranks of companies displaying at the 2010 North American International Auto Show, a first for the world's most diverse automotive supplier. The company's exhibit will be located in Michigan Hall from January 11-15 as part of the EcoXperience ride & drive track and alternative energy showcase. The exhibit, which will highlight green-car technologies from across Magna's operating units, will...

2009-11-23 10:19:00

AURORA, ON, Nov. 23 /PRNewswire-FirstCall/ - Cosma International, an operating unit of Magna International Inc. and a leading global automotive body and chassis systems supplier, announced today that it will supply the frame assembly for General Motors' next generation of full-size light-duty pickups and SUVs. This is the third generation of frames Cosma has been awarded on this platform by GM. Cosma will produce the new frames from its state-of-the-art manufacturing facilities located in St....

2009-11-06 13:57:00

ALEXANDRIA, Va., Nov. 6 /PRNewswire-USNewswire/ -- Hot on the heels of news that General Motors would not seek to sell off German automaker Opel and would instead seek taxpayer subsidies from European countries or use U.S. bailout funds to help prop up the firm, the 362,000-member National Taxpayers Union (NTU) today urged governments abroad to reject GM's pleas. NTU Vice President for Policy and Communications Pete Sepp offered the following statement regarding GM's decision: "This week...

2009-11-03 17:37:00

AURORA, ON, Nov. 3 /PRNewswire-FirstCall/ - Magna International Inc. (TSX: MG.A, NYSE: MGA) 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 retain Opel, which plays an important role within GM's global organization. We will continue to support Opel and GM in...

2009-11-03 16:48:00

DETROIT, Nov. 3 /PRNewswire/ -- New GM supports restructuring of Opel GM restructuring plan involves lower investment compared to investor proposals Discussions with stakeholders on restructuring to begin in earnest Given an improving business environment for GM over the past few months, and the importance of Opel/Vauxhall to GM's global strategy, the GM Board of Directors has decided to retain Opel and will initiate a restructuring of its European operations in earnest. "GM will...

2009-10-30 16:29:00

TORONTO, Oct. 30 /PRNewswire-FirstCall/ - Magna International Inc. (TSX: MG.A; NYSE: MGA) will release its financial results for the third quarter ended September 30, 2009, on Thursday, November 5, 2009. Magna will hold its quarterly conference call on Thursday, November 5, 2009 at 5:30 p.m. EST. The number to use for this call is 1-800-891-8794. Overseas callers should use 1-212-231-2912. Please call in at least 10 minutes prior to start time. The conference call will be webcast at...

2009-09-14 14:33:23

A top Magna International Inc. executive said the purchase of Opel and Vauxhall would include reducing the workforce by about 10,500 workers. General Motors Co. agreed last week to sell 55 percent of its European operations to the Canadian auto parts supplier in a joint venture with Russia's Sberbank. Magna had warned of job cuts before GM's board selected its bid, the Canadian Broadcasting Corp. reported Monday. On Monday, co-Chief Executive Officer Siegfried Wolf confirmed the job...

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2009-09-11 11:50:29

Belgium is pressing the European Union to investigate the sale of Opel to a Canadian and Russian venture on concerns that Germany sought unfair advantages. In question are plants in Germany that will remain open after Canada's Magna International Inc. and Russia's Sberbank take control of 55 percent of General Motors Co.'s Opel and Vauxhall production, a deal GM agreed to this week. On the flip side, an Opel plant in Antwerp, Belgium, is expected to close, CBCnews.ca reported Friday. Germany...

2009-09-10 12:39:00

AURORA, ON, and MOSCOW, Russia, Sept. 10 /PRNewswire-FirstCall/ - Magna International Inc. ("Magna") (TSX: MG.A, NYSE: MGA) and Savings Bank of the Russian Federation ("Sberbank") (RTS: SBER, MICEX: SBER03) today announced that their joint offer to acquire a 55% interest in Adam Opel GmbH ("Opel") has been selected by both General Motors Company ("GM") and the Opel Trust as the preferred solution to address the future of Opel. Under the offer, the acquired 55% interest in Opel would be owned...

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2009-09-10 10:30:47

General Motors Co. said Thursday it would sell a majority of its European operations to a Canadian and Russian venture of Magna International and Sberbank. GM's board of directors approved a sale of 55 percent of Opel and Vauxhall, GM brands made in Germany and Britain, respectively, GM said in a statement. GM said several key issues will be finalized during the next few weeks, including labor unions support for the necessary restructuring for viability and finalization of a definitive...


Word of the Day
caparison
  • A cloth or covering, more or less ornamented, laid over the saddle or furniture of a horse, especially of a sumpter-horse or horse of state.
  • Clothing, especially sumptuous clothing; equipment; outfit.
  • To cover with a caparison, as a horse.
  • To dress sumptuously; adorn with rich dress.
This word ultimately comes from the Medieval Latin 'cappa,' cloak.
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