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Magna International Inc
Symbol MG
Shares Issued 309,580,909
Close 2019-10-03 C$ 66.56
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Globe says GM strike costing Linamar $1M a day

2019-10-04 07:08 ET - In the News

See In the News (C-LNR) Linamar Corp

The Globe and Mail reports in its Friday, Oct. 4, edition that the General Motors Co. workers strike in the United States is costing Linamar as much as $1-million a day in profit. The Globe's Eric Atkins writes that the strike began on Sept. 16, and has led to a plunge in orders at Linamar, Martinrea International, Magna International and others. Linamar employs 28,000 people at 61 factories and 35 sales and research sites in Canada, the United States, Mexico, China and other countries. The automotive market accounted for 68 per cent of its $7.6-billion sales total for 2018. Chief executive officer Linda Hasenfratz said on Thursday: "The strike is impacting us, of course, as long as it continues. We hope to see some recovery in volumes after GM gets back to work to make up for depleted inventories." Most of Linamar's Canadian production is shipped to plants in the United States, Ms. Hasenfratz said, adding the company does not serve GM's Oshawa assembly lines, which are slated to close in December. Ontario's auto-parts makers employ about 100,000 people and sell $18-billion in components to U.S. manufacturers. GM is a major customer for the companies in Ontario and elsewhere.

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