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Magna International

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Magna International Inc.
Company typePublic
NYSE: MGA
TSX: MG
IndustryAuto and Truck parts
Founded1957
HeadquartersAurora, Ontario, Canada
Key people
Donald Walker, CEO
Vincent J. Galifi, Executive VP & CFO
Swamy Kotagiri, Chief Technology Officer
RevenueIncrease US$ 036.641 billion (2014)[1]
Increase US$ 02.54 billion (2014)[1]
Increase US$ 001.88 billion (2014)[1]
Total assetsIncrease US$ 18.13billion (2014)[1]
Total equityIncrease US$ 08.6 billion (2014)[1]
Number of employees
129,000
Websitewww.magna.com

Magna International Inc. is a Canadian global automotive supplier headquartered in Aurora, Ontario, Canada. In 2014 it was the largest automobile parts manufacturer in North America by sales of original equipment parts, and one of Canada's largest companies.[2] Its operating groups include Magna Steyr, Magna Powertrain, Magna Exteriors, Magna Seating, Magna Closures, Magna Mirrors, Magna Electronics and Cosma International.

Magna manufactures auto parts that are primarily supplied to General Motors, Ford Motor Company, and Chrysler LLC.[citation needed] In addition to the Big 3 U.S. automakers, Magna's major customers include Tesla Motors, Volkswagen, BMW and Toyota.[3] In Europe, Magna Steyr holds contracts for the assembly of the Peugeot RCZ and Mini Countryman.[4]

Magna has approximately 124,000 employees in 287 manufacturing operations and 81 product development, engineering and sales centres in 29 countries.[5] Magna operates under a corporate constitution[6] which calls for distribution of profits to employees and shareholders. The terms of this contract are "fair enterprise" according to Frank Stronach, company founder.[citation needed]

Capabilities and products

Magna’s capabilities include the design, engineering, testing and manufacture of exterior systems, seating systems, closure systems, vision systems, powertrain systems, electronic systems, roof systems, body & chassis systems, hybrid & electric vehicle systems, and vehicle engineering & contract assembly.[7]

History

The company was founded in 1957 by Frank Stronach as "Multimatic" and "Multimatic Motorsports". This company merged with Magna Electronics in 1969, and the combined company became Magna International in 1973.

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

Magna purchased CTS Fahrzeug-Dachsysteme, a supplier of convertible roofs, from Porsche in November 2005.

The Sunday Telegraph in London reported January 2007 that Magna International was on a short list of bidders to purchase Aston Martin.[8] Their bid was unsuccessful; the company instead went to a British consortium led by Dave Richards of Prodrive for £479 million.[9]

According to a 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.

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.[10]

In May 2015, the company announced that it would develop a 105-acre parcel of land it owned on the southeast corner of King Road and Jane Street in King City to build its new corporate headquarters.[11] The development is expected to be completed by the end of 2017, and will include its 200,000 square feet (19,000 m2) head office, into which will be consolidated other offices it operates, including its headquarters in Aurora and office and research centres in Newmarket and throughout Peel Region.[12] It will also lease retail space at that site to other tenants.[11]

In July 2015, Magna bought the German company Getrag, specialized in transmission systems with about 13,500 employees, for 1.9 billion dollars.[13]

Innovations

Magna has produced a number of first-to-market technologies and manufacturing processes throughout its history. Some of these innovations include the integrated child safety seat, stow-into-floor minivan seats, and plastic, reaction injection moulding (RIM) bumpers.

Magna has also been recognized with several Automotive News PACE Awards for its innovations. Magna technologies that received PACE Awards in recent years include its BlindZone outside mirror (2009), Infinity rearview mirror (2012), laser-welded, hot-stamped door ring (2014, in partnership with Honda and AcelerMittal) and PureView seamless sliding window (2015).

In 2005, Magna began producing automotive rearview cameras at its facility in Holly, Michigan, and in September 2014, Magna produced its 10 millionth rearview camera in Holly.[14]

In 2011, Magna supplied the complete electric drivetrain on the 2012 Ford Focus Electric, Ford’s first full production, all-electric passenger vehicle.[15] The Focus Electric was awarded the 2011 Green Car Vision Award at the 2011 Washington Auto Show.

In June 2014, Magna presented a Multi-Material Lightweight Vehicle (MMLV) concept developed in partnership with Ford Motor Company.[16] The vehicle was based on a 2013 Ford Fusion and represented a 25 percent vehicle weight reduction. The vehicle was cosponsored by the U.S Department of Energy and was praised by numerous industry leaders for its innovative approach to vehicle lightweighting and fuel efficiency.[17]

In 2015, Magna’s SmartLatch, an industry-first, 100 percent electronic door latching system, was named a finalist for the 2016 Automotive News PACE Awards.[18]

Restatement

On May 18, 2000, the company restated its net income and earnings per share (previously $109 million and $1.22 respectively) due to an accounting policy change relating to design and engineering and pre-production start-up costs.[19] On May 2, 2001, the company restated diluted earnings per share (previously $1.55) due to an accounting policy change related to the adoption of the treasury stock method.[20]

See also

References

  1. ^ a b c d e "2014 Annual Report to Shareholders". Magna International, Inc. Retrieved 2016-04-08.
  2. ^ "Automotive News Top 150 Suppliers 2014" (PDF). Diamts.com. Retrieved 2012-06-06.
  3. ^ "Cosma International Body & Chassis Systems Customers". Magna Cosma International Website. Retrieved 2 June 2014.
  4. ^ "Complete Vehicle Production | Contract Manufacturing | Product & Services | Vehicle Engineering & Contract Manufacturing | Capabilities". Magna. Retrieved 2016-04-08.
  5. ^ "Press Releases & News | Media". Magna.com. Retrieved 2016-04-08.
  6. ^ [1][dead link‍]
  7. ^ "Capabilities". Magna. Retrieved 2016-04-08.
  8. ^ Post, National (2007-01-12). "Is Magna eyeing Aston?". Canada.com. Retrieved 2016-04-08.
  9. ^ "Article". BBC News. 2007-06-12. Retrieved 2011-03-02.
  10. ^ "Ogihara America sells local auto supply plant - Birmingham Business Journal". Bizjournals.com. 2008-04-22. Retrieved 2011-03-02.
  11. ^ a b Kelly, Tim (20 May 2015). "Magna selects King Township for new headquarters". King Connection. Metroland Publishing. Retrieved 23 May 2015.
  12. ^ Pavilons, Mark (19 May 2015). "Magna coming to King with its corporate office". King Weekly Sentinel. Retrieved 23 May 2015.
  13. ^ Rocha, Euan (2015-07-16). "Canadian auto parts maker Magna to buy Germany's Getrag for $1.9 billion". Reuters. Retrieved 2016-04-08.
  14. ^ "News Release - Magna Produces Ten Millionth Rearview Camera in Holly, Michigan". www.magna.com. Retrieved 2016-01-22.
  15. ^ Barkholz, David. "How Magna's electrified Focus wowed Ford". Automotive News. Retrieved 2016-01-22.
  16. ^ "Multi-Material Lightweight Vehicle Hurdles Into the Future". Energy.gov. Retrieved 2016-01-22.
  17. ^ "MMLV: Life Cycle Assessment". Papers.sae.org. Retrieved 2016-04-08.
  18. ^ "2016 Automotive News PACE Awards". Autonews.com. Retrieved 2016-04-08.
  19. ^ "Magna Announces Record First Quarter Results. - Free Online Library". Thefreelibrary.com. Retrieved 2016-04-08.
  20. ^ "press release distribution, targeting, monitoring and marketing". PR Newswire. 2016-04-04. Retrieved 2016-04-08.
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