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Magna International Inc
Symbol MG
Shares Issued 312,260,369
Close 2019-09-23 C$ 70.31
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Globe says Magna, rivals see GM strike crimp parts flow

2019-09-24 08:08 ET - In the News

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The Globe and Mail reports in its Tuesday edition that the automotive layoffs in Ontario continued to mount on Monday as the strike by 49,000 General Motors Co. workers in the United States halts the cross-border flow of parts and vehicles. The Globe's Eric Atkins writes that GM stopped engine assembly work at its plant in St. Catharines, Ont., on Monday, sending another 725 people home as the strike by the United Auto Workers shuts down more than 50 U.S. factories and warehouses. About 5,300 Unifor union members are laid off, including 3,300 at GM and 2,000 at the companies that supply GM with parts, transportation and other services, said Jerry Dias, national president of Unifor. The number of job losses at the Ontario companies that supply the GM plants in Canada and the U.S. is not clear, but is expected to total in the thousands as the strike drags on and the economic damage spreads. Ontario's auto-parts makers employ 100,000 people and export $18-billion worth of components to the U.S. GM accounts for as much as 33 per cent of export and domestic sales. Mr. Dias said the laid-off Canadian workers sympathize with their striking U.S. counterparts, and support their move to shut down company operations.

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