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Magna International Inc
Symbol MG
Shares Issued 312,260,369
Close 2019-09-25 C$ 69.91
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Globe says as GM strike drags on, Martinrea mulls cuts

2019-09-26 06:55 ET - In the News

See In the News (C-MRE) Martinrea International Inc

The Globe and Mail reports in its Thursday, Sept. 26, edition that as the General Motors strike drags on, auto-parts supplier Martinrea International ($11.28) is set to make new cuts to scale back production. The Globe's Eric Atkins writes that chief financial officer Frank Di Tosto is surprised the strike has "dragged on this long." He says: "GM is our largest customer, along with Ford. So clearly there would be an impact to us." The auto sector accounts for nearly $20-billion in gross domestic product, according to Industry Canada, making it one of the most important manufacturing sectors. Ontario's auto-parts makers employ about 100,000 people in the province and export $18-billion in components to the United States. GM in Ontario and the United States accounts for as much as one-third of sales. GM is the biggest customer of Magna International ($69.91). Magna has tried to limit layoffs but has halted some U.S. production lines that supply GM in the United States, says Louis Tonelli, Magna's vice-president of investor relations. He says, "There's a little bit of Canada impact but it's mostly U.S." GM has laid off about 3,300 hourly employees in Ontario at two of its three major plants.

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