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BMW Hires Magna to Build New 5 Series Sedan

Supplier builds cars for Jaguar, Land Rover and Mercedes-Benz.

by on Nov.04, 2016

BMW selected Magna to build 5 Series sedans at its plant in Graz, Austria, where it makes cars for Jaguar, Land Rover and Mercedes-Benz.

Automakers looking to sell vehicles in other countries often set up a small plant to assemble “knock-down” kits, which are essentially nearly assembled vehicles that can be completed quickly and efficiently.

However, Magna International is acting as a substitute automaker for many car companies as locations across the globe.

The Journal of Record!

Magna’s car-building subsidiary in Graz, Austria, is now at full capacity, says Jim Tobin, the company’s chief marketing officer, with the addition of a BMW product. (more…)

Magna Drops $1.9 Bil to Buy Getrag

Canadian supplier looks to dominate transmission segment.

by on Jul.17, 2015

Magna announced its plans to acquire transmission supplier Getrag for $1.9 billion.

Magna, the giant Canadian-based supplier, has agreed to acquire the Getrag Group, one of the world’s largest suppliers of automotive transmissions, in a deal valued at $1.9 billion, or 1.75 billion euros.

The transaction is expected to close near the end of 2015, subject to a number of conditions including obtaining all necessary regulatory approvals.

A Winning Deal!

Don Walker, Magna’s chief executive officer, said the acquisition bolsters the company’s overall product portfolio by adding one of the world’s largest suppliers of automatic transmissions to the Magna family. (more…)

Belinda Stronach Bails Out Of Magna

Once seemed destined to run family firm.

by on Dec.22, 2010

Seemingly destined to run the family business, Belinda Stronach has decided to leave Magna.

One of the most powerful women in the Canadian auto industry has tendered her resignation leaving observers guessing whatcaused Belinda Stronach to leave Magna International – and where she might show up next.

The daughter of Magna founder Frank Stronach, she will resign from her role as Executive Vice-Chair and member of the Board of Directors, effective December 31, 2010.  Her move follows a settlement between the company and its founder, earlier this year, that saw Frank Stronach relinquish his control over most of the company he founded in a machine shop shortly after emigrating from Austria after the Second World War.

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Magna Co-CEO Russia-Bound

Siegfried Wolf lands job with metals oligarch.

by on Sep.13, 2010

A senior manager heads for Russia.

Magna International Co-CEO Siegfried Wolf is leaving the Canadian automotive supply giant in November to take a job with Russian metals tycoon Oleg Deripaska.

The move comes less than a year after a bid by Magna and a Russian partner to take control of General Motors’ struggling European Opel subsidiary collapsed.

Wolf, who is also head of Magna’s Austrian-based vehicle building unit, Magna-Steyr, will take an executive position with Deripaska’s Basic Element and its machinery division OJSC Russian Machines, the parent company of Russian automotive OEM, GAZ Group.

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Insight!

Donald Walker, who shared chief executive duties with Wolf, was confirmed as Magna’s single CEO, following Wolf’s resignation.

“When Oleg Deripaska recently approached us for permission for Basic Element to make an offer to Sigi, we made it clear that the decision should ultimately rest with Sigi,” Magna Chairman Frank Stronach said in a statement.

(more…)