19:03:49 EDT Thu 25 Apr 2024
Enter Symbol
or Name
USA
CA



Magna International Inc
Symbol MG
Shares Issued 389,659,171
Close 2016-08-12 C$ 52.62
Market Cap C$ 20,503,865,578
Recent Sedar Documents

Globe says GM, others hear call for grants, not loans

2016-08-15 07:40 ET - In the News

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

The Globe and Mail reports in its Monday, Aug. 15, edition that the Automotive Parts Manufacturers' Association of Canada has joined automakers in recommending that the Automotive Innovation Fund offer grants to car companies instead of loans that are taxable. The Globe's Greg Keenan writes that association president Flavio Volpe says, "In a low-interest world, where healthy [automakers] have access to cheap and much needed capital growth, the AIF is ineffective" because three of the five automakers that manufacture vehicles in Canada are in negotiations with the union that represents workers at their factories in Ontario. The key demand by Unifor in talks that began last week with Fiat Chrysler Automobiles, Ford Motor and General Motors, is that the companies commit to new investment at vehicle assembly and engine plants. Mr. Volpe says: "We need those companies to continue to invest in manufacturing in Ontario or the consequences will be dire and, most importantly, isolated only to Canada and not the U.S. or Mexico. When the companies sit down with Unifor we ask that you make clear to all parties that Canada remains committed to continued automotive manufacturing in Ontario."

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