20:05:01 EDT Thu 25 Apr 2024
Enter Symbol
or Name
USA
CA



Magna International Inc
Symbol MG
Shares Issued 382,552,522
Close 2017-02-16 C$ 59.05
Market Cap C$ 22,589,726,424
Recent Sedar Documents

Globe says Exco Tech puts Mexican acquisition on hold

2017-02-17 08:19 ET - In the News

See In the News (C-XTC) Exco Technologies Ltd

The Globe and Mail reports in its Friday, Feb. 17, edition that Exco Technologies has put an acquisition of a company with Mexican operations on hold, signalling the deep concern in Canada's auto sector about the threat looming over NAFTA from President Donald Trump. The Globe's Greg Keenan writes that Mr. Trump's comment earlier this week that the United States plans to "tweak" its trade relationship with Canada has calmed some nerves in the auto industry in Canada, but several Canadian parts companies have operations in Mexico that would be affected by the elimination of the North American free-trade agreement or tariffs on Mexican-made vehicles entering the U.S. Exco has three Mexican plants that employ about 2,600 people. The NAFTA ecosystem includes the world's automakers, which can make vehicles in any of the three countries and ship them duty-free throughout North America. For now, Magna International is continuing to invest in Mexico and will not take any action unless automakers shift production, said Magna boss Don Walker. "I can't see us making dramatic changes unless the customer comes to us and says, 'We're going to change a production location, we want you to move it.'"

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