09:05:15 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Magna International Inc
Symbol MG
Shares Issued 402,264,201
Close 2016-01-21 C$ 49.34
Market Cap C$ 19,847,715,677
Recent Sedar Documents

Globe says Magna's Getrag move will aid growth in China

2016-01-22 08:25 ET - In the News

The Globe and Mail reports in its Friday, Jan. 22, edition that Magna International's acquisition of transmission maker Getrag will help it expand more rapidly in China, which is the key growth market the parts giant is targeting, says chief executive officer Don Walker. The Globe's Greg Keenan writes that short-term economic gyrations have not caused Magna to change its view that China represents the best growth opportunity among all global vehicle markets. Mr. Walker says, "I think we can leverage Getrag's growth there and we can also leverage the capabilities Getrag has." Magna's purchase of Getrag closed earlier this month. The $2.7-billion purchase of Getrag is the biggest acquisition yet for Magna. It is now a maker of complete transmissions in addition to the components for transmissions that its Magna Powertrain division already manufactures. Mr. Walker says, "China is our biggest growth priority from a geographic standpoint outside our core markets." Getrag has three plants of its own in China, a joint venture and a regional office. Magna expects to have 38 plants and joint-venture facilities operating in China by 2018, compared with 15 in 2010.

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