Thread: Magna building $100-million parts plant in Mexico

Automotive News -- February 8, 2011 - 12:01 am ET

AURORA, Ontario -- Magna International Inc.'s Cosma International body and chassis division is building a $100 million factory in San Luis Potosi, Mexico, to produce stamped and welded assemblies.

The 300,000-square-foot plant will employ 700 workers; it is scheduled to open in June 2012. The factory also has been designed for a possible expansion to 450,000 square feet, if necessary.

Magna's Mexican operations include 29 plants, two engineering centers and 15,900 workers.

Magna, of Aurora, ranks No. 5 on the Automotive News list of the top 100 global parts suppliers, with 2009 sales to automakers of $17.37 billion. It makes body and chassis, interior, seating, exterior, roof, powertrain and hybrid and electric-vehicle systems, and does vehicle engineering and assembly.

Read more: http://www.autonews.com/apps/pbcs.dll/a ... z1DLcOpkAZ

The 300,000-square-foot plant will employ 700 workers; it is scheduled to open in June 2012. The factory also has been designed for a possible expansion to 450,000 square feet, if necessary.

Could be 700 new jobs for Americans.

That could have been Canadian jobs...

Frank Stronach owns Magna and he is Canadian. He also owns Gulfstream Park, Santa Anita, Pimlico race tracks. He has been the leading Thoroughbred Breeder in Canada and the US for the past 8 years with farms in Canada, Kentucky and Florida. His daughter Belinda was a member of Parliment.

Frank Stronach
Chairman of the Board
MI Developments Inc.
Aurora , ON
Sector: FINANCIAL / Property Management

Chairman of the Board , Magna International
Aurora , ON
Sector: CONSUMER GOODS / Auto Parts

77 Years Old
Mr. Stronach is the founder and Chairman of Magna, the most diversified automotive components supplier in the world. Mr. Stronach was born in Weiz, Austria and immigrated to Canada in 1954 with a working background in tool and machine engineering. In 1957, he formed a tool and die company in Toronto, Multimatic Investments Limited, which subsequently expanded into the production of automotive components. In 1969, Multimatic Investments Limited merged with Magna Electronics Corporation Limited (which ultimately became Magna International Inc.), with Mr. Stronach as one of the controlling shareholders. Under Mr. Stronach?s leadership, Magna launched a major North American expansion in the mid to late 1980s and a major global expansion in the early 1990s, which saw Magna broaden its base of operations in Europe, Asia and South America. In 1999, Mr. Stronach became the founder and Chairman of MEC and is also MEC?s Chief Executive Officer. Mr. Stronach is a leading owner of thoroughbred racehorses in North America. He has served on numerous corporate, government and university boards and has provided assistance to a wide range of charitable and community service organizations. Mr. Stronach is the recipient of numerous honourary degrees and awards, including induction into the Canadian Business Hall of Fame.
http://people.forbes.com/profile/frank-stronach/50703

I've known Frank and worked for him for the past 15 years. He's one of those love him or hate him kind of men. He's also one of those "it's my way, or the highway kind of men.

I've seen the good and the terrible side of him, fortunately the terrible side has never been directed at me...LOL! But I will say I am terribly disappointed in his decision to open a plant in Messico; Canada or America needed those jobs! My husband was employed at Magna when he was alive and at that time Magna was a wonderful company to work for! But even back in the 80's Magna had a small plant in Messico, my husband had to travel there a few times but he spent a lot more time in Detroit. I have the feeling ( and this is only my opinion as I don't deal with the auto part part of Frank, I deal with the horse part of Frank) that he had to follow the other AUTO manufacturerers that have left Detroit.