07:32:36 EDT Fri 10 May 2024
Enter Symbol
or Name
USA
CA



Magna International Inc
Symbol MG
Shares Issued 410,624,820
Close 2015-04-27 C$ 63.27
Market Cap C$ 25,980,232,361
Recent Sedar Documents

Globe says Martinrea, rivals hear gov't incentives loom

2015-04-28 08:34 ET - In the News

See In the News (C-MRE) Martinrea International Inc

The Globe and Mail reports in its Tuesday edition that an unnamed Tory government source says the new incentive program being offered to auto parts makers will commence taking applications in June. The Globe's Greg Keenan writes that the $100-million Automotive Supplier Innovation fund was announced last week in the federal budget. More details will be announced Tuesday by Industry Minister James Moore at a Martinrea International plant in Vaughan, Ont. The Tory source says, "Canada's auto sector is a central part of our strength in manufacturing and the suppliers who support this sector are essential to our economy." The federal program is designed to help auto parts makers develop and demonstrate innovative technologies, and turn them into commercial successes. It is expected to fill a gap between the basic research that goes into the early stages of development of a new product or process and precommercial development. Parts makers are eligible for funds that help them develop prototypes, engineer new processes, and in the testing and validation of new products before they reach the commercial stage. The program is designed to encourage parts suppliers to increase their own investments.

© 2024 Canjex Publishing Ltd. All rights reserved.