18:25:22 EDT Fri 26 Apr 2024
Enter Symbol
or Name
USA
CA



Magna International Inc
Symbol MG
Shares Issued 207,354,943
Close 2014-11-24 C$ 118.12
Market Cap C$ 24,492,765,867
Recent Sedar Documents

Globe says GM, others hear call for investment boost

2014-11-25 06:18 ET - In the News

See In the News (C-GMM) General Motors Company

The Globe and Mail reports in its Tuesday edition that a Canadian Automotive Partnership Council (CAPC) study recommends federal Industry Minister James Moore and Ontario Economic Development Minister Brad Duguid establish an automotive investment board as a means of winning new vehicle assembly plants. The Globe's Greg Keenan writes that auto parts suppliers, such as Magna International and others, are worried about how the industry in Canada is shrinking while it expands in Mexico and the United States. The report compared the lack of new investment in the sector to the 2008-09 crisis, during which Ottawa and Ontario contributed about $14-billion to the bailouts of Chrysler LLC and General Motors. The board's mandate would include promoting Canada and Ontario to prospective investors, providing a single point of contact to auto companies and a visible automotive investment strategy. The report pointed to five new assembly plants in Mexico that have been announced in the past 24 months that will generate almost $6-billion worth of investment and more than 10,000 new jobs. Two projects worth $1-billion that will create 3,500 new jobs have been announced in the U.S. Canada's tally is zero.

© 2024 Canjex Publishing Ltd. All rights reserved.