17:04:19 EDT Fri 17 May 2024
Enter Symbol
or Name
USA
CA



Martinrea International Inc
Symbol MRE
Shares Issued 79,592,540
Close 2023-09-15 C$ 12.74
Market Cap C$ 1,014,008,960
Recent Sedar Documents

Globe says Magna, rivals brace for impact of strikes

2023-09-18 08:13 ET - In the News

See In the News (C-MG) Magna International Inc

The Globe and Mail reports in its Saturday edition that the United Auto Workers union strike against the Detroit Three could have an impact in Canada, hobbling the tightly integrated auto sector. The Globe's Eric Atkins writes that the action by about 12,700 U.S. auto workers is taking place ahead of the Sept. 18 strike deadline for 5,680 unionized workers at Ford Canada. Automotive Parts Manufacturers' Association head Flavio Volpe said a U.S. work stoppage would have an "immediate and direct" effect on the Canadian industry, causing plants to slow or halt production. Mr. Volpe represents most parts makers in Canada that employ about 100,000. These companies are suppliers to the Detroit Three as well as other automakers in Canada and the United States. Some Canadian manufacturers, including Linamar and Magna International, have large U.S.-based operations that supply assembly plants run by Ford, GM and Stellantis. Almost half of the auto parts made in Ontario are shipped to assembly plants in the United States, Mr. Volpe said. Manufacturers will be loath to lay off workers because of the tight labour market, he said. Automakers rely on just-in-time delivery of parts, and do not have stockpiles to dip into.

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