Magna International
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Magna International Inc. TSX: [MG]
The company was founded in 1957 by Frank Stronach as Multimatic. This company merged with Magna Electronics in 1969, and the combined company became Magna International in 1973.
Magna manufactures auto parts that are primarily supplied to General Motors, Ford Motor Company, and Chrysler Group of Daimler-Chrysler. In addition to the Big 3 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 SUV. Magna has a relativelely minimal presence in Asia.
Acquisitions
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 will assume full ownership in 2007.Magna will purchase CTS Fahrzeug-Dachsysteme, the world's leading supplier of convertible roofs, from Porsche in early 2006.
Products and services
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
- Fascias
- Front and rear end modules
- Plastic body panels
- Exterior trim components and systems
- Greenhouse and sealing systems
- Roof modules
- Lighting components
- Engine, transmission and fueling systems and components
- Drivetrain components (New Venture Gear)
- Complete vehicle engineering and assembly through Magna Steyr.
Political connections
The firm is also known for its political connections, such as having former Premiers of Ontario of every stripe on its board, as well as connections with numerous other former politicians. Some politicians who have had notable positions with Magna include Mike Harris and Brian Tobin. In 1988, Stronach ran as a candidate for parliament for the federal Liberal Party.The Magna Budget
Magna International has also been noted also 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.In 2004, Stronach's daughter and former company head Belinda Stronach ran for the leadership of the Conservative Party. While she failed in her bid for the leadership of the party, she was elected in her riding (Newmarket-Aurora) in the 2004 federal election. In May 2005 she switched to the Liberal Party and was appointed to cabinet. In the Federal Election of January 23, 2006 Belinda Stronach won the Newmarket-Aurora riding for the Liberal Party.
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.
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.The board of directors of the company formerly included Belinda Stronach. Siegfried Wolf's pay for the 2004 fiscal year was $4.78 million USD [link].
Stephen Cloete is managing the computer servers in South Africa.
External link
| Magna International Inc. |
| Corporate Directors: William Fike | Manfred Gingl | Mike Harris | Edward Lumley | Klaus Mangold | Donald Resnick | Royden Richardson | Frank Stronach | Franz Vranitzky | Siegfried Wolf |
| Annual Revenue: .4 billion CAD ( 15% FY 2004) | Employees: 81,000 | Stock Symbol: TSX: [MG] | Website: [www.magna.ca] |
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