Magna International News Archives

Many Ontarians know the personal health care stories of Shona Holmes, Lindsay McCreith and Belinda Stronach, the former federal cabinet minister and Magna International auto heiress.

Christine Lieberknecht, the premier of Thuringia state, with Nick Reilly, the head of G.M.'s international operations, in Ruesselsheim, Germany on Wednesday.

GM Europe head Nick Reilly said 50-60 percent of the proposed job cuts in Opel had been earmarked for Germany.

Magna International request 600-million dollars from Porsche November 28, 2009 Magna+International+request+600-million+dollars+from+Porsche 2009-11-28+10%3A17%3A28 mircea According to an Austrian newspaper, Magna International wants at least $600-million in compensation from sports-car maker Porsche for cancelling a contract.

General Motors targeted Germany on Wednesday for the bulk of 9,000 planned job cuts at European arm Opel, turning the tables on the country that lobbied hardest for an Opel sale to Canada's Magna.

Canadian auto parts maker wants at least 400-million after cancellation of contract, Austrian newspaper says Reuters Vienna - Canada's Magna International Inc.

A A A' General Motors Co. on Monday asked European governments to help pay most of the euro3.3 billion it needs to restructure its struggling European operations.

General Motors cast around for fresh options for Sweden's loss-making Saab on Wednesday after the collapse of its sale added another dimension to tortuous European restructuring plans.

Magna International Inc. will supply major structural components for General Motor Co.'s next generation of full-size pickup trucks and sport-utility vehicles, securing the renewal of a key contract from its largest customer.

We never had any doubt that GM would continue to build body-on-frame trucks in the future, but with demand for SUVs shrinking quickly, some thought the body-on-frame SUV would soon be a thing of the pas t. Maybe not.

General Motors Co. is appealing to European governments to help finance a $5 billion restructuring for Adam Opel GmbH after deciding this month to keep the troubled German carmaker.

Cosma International, an operating unit of Magna International Inc. and a leading global automotive body and chassis systems supplier, announced today that it will supply the frame assembly for General Motors' next generation of full-size light-duty pickups and SUVs.

Magna International Inc. had some welcome news for recession-battered St. Thomas, Ont., on Monday, announcing that it has been chosen to supply frame assemblies for General Motors' next generation of full-size pickups and SUVs.

Germany warned fellow European governments on Monday against offering financial aid to General Motors Europe in exchange for job guarantees, hours ahead of a meeting in Brussels to discuss the future of the company.

Stocks discussed on the in-depth s ession of Jim Cramer's Mad Money TV Program, Friday November 20.

By Thomas Watson Thomas Watson is a senior writer with Canadian Business . Prior to joining the magazine, he was a financial journalist and feature writer at the National Post , where he focused on the technology, auto and steel industries.

General Motors raised union hopes that there could be fewer redundancies at Vauxhall now the US parent company has decided not to sell the historic car marque.

A judge has approved the sale of a 257-acre site in Dixon to a partnership controlled by horse racing executive Frank Stornach.

The Associated Press 1 comment German Chancellor Angela Merkel delivers her speech in the German Federal Parliament in Berlin, on... German Chancellor Angela Merkel delivers her speech in the German Federal Parliament in Berlin, on Tuesday, Nov.

BERLIN : General Motors will have to spend at least twice the three billion euros it is budgeting to turn around its European unit Opel/Vauxhall, a union chief predicts.

The comments came a day after GM's chairman said the company could pay for its European arm itself.

A senior German government official told General Motors Co. executives Wednesday that the U.S. automaker will have to cover the cost of restructuring its troubled German carmaker Adam Opel GmbH.

I have been reading press accounts of the GM decision to back out of the Opel/Vauxhall sale to the Magna /Sberbank consortium from various countries.

The reasoning behind the move was reportedly due to the fact that Countryman production couldn't begin at Magna International's Austrian assembly plant until assembly of the BMW X3 was moved from the Magna plant to Bimmer's facility in South Carolina.

Magna International Inc. reported a $51 million profit for the third quarter, after writing off part of the value of the of the New Process Gear plant in DeWitt.

Saving Opel could cost GM $8.5-billion A worker sweeps the street next to destroyed logo of German car manufacturer Opel at a former car dealer in Berlin.

Shares of the following companies may have unusual moves in Canadian trading tomorrow.

Magna International's stock price shot up more than 14 per cent Friday in its biggest one-day jump in 18 years after posting a surprise quarterly profit.

CEO Fritz Henderson started talks in Germany on Monday aimed at soothing workers' anger over the carmaker's plan to reorganize European arm Opel on its own.

Amidst the festivities last weekend over the fall of the Berlin Wall , there were a few sour notes.

The following stocks were among those that moved substantially or traded heavily Friday on the New York Stock Exchange: NYSE: American International Group Inc., down $3.80 at $35.48 The insurance company had a profitable quarter as the value of its investments rose, but the CEO warned that future results will be choppy.

Germany and Russia reacted with anger and Opel workers readied walkouts after General Motors Co.

General Motors Co. hopes to salvage a key element of the collapsed plan to sell its Adam Opel GmbH carmaker -- a three-way production deal in Russia.

InnerWorkings, Inc , a provider of managed print and promotional procurement solutions said third quarter revenues fell 19.5% to $98.2 million from $122.0 million a year ago.

Opel's top German labor leader said on Sunday he was willing to hold negotiations over a restructuring of the European carmaker under its parent General Motors so long as it gains greater independence.

GM is playing down the spectacular volte-face over the sale of its European business this week as a simple matter of industrial logic.

Magna International Inc., thwarted this week in its bid to take over General Motors Co.'s Opel unit, won't seek to buy another car company, co-CEO Don Walker says.

Gold stocks helped keep the Toronto stock market ahead Friday afternoon despite employment reports for October that came in much worse than expected.

German Opel employees demonstrate outside the company's headquarters in Ruesselsheim.

There were a lot of changes at General Motors over the summer, but it's beginning to look like the most important one for failed-Opel-bidder Magna International was the election of takeover heavyweight David Bonderman to the auto giant's board of directors.

Canadian stocks rose for a fourth day, led by gold producers, as bullion prices rallied to a record and Magna International Inc.

Shares of Magna International Inc. soared Friday after the Canadian auto supplier said it posted a $51 million third-quarter profit, blowing away Wall Street predictions.

Decoma International is investing $17.5 million in the expansion of its manufacturing facilities and operations in Toledo, which will result in 124 new jobs during the next year, according to company officials.

At the new GM, the buck now stops with the board. The surprise decision by General Motors Co to drop a plan supported by Chief Executive Fritz Henderson to sell the company's Opel unit has raised new questions about the standing of the veteran GM insider after just six months on the job.

Canadian stocks closed higher on Wednesday despite a slight sell-off in late afternoon trading following the U.S. Federal Reserve's decision to keep its overnight lending rate unchanged.

Fearing widespread layoffs, thousands of Opel workers walked off the job across Germany on Thursday to protest General Motors Co.'s decision to abandon the unit's sale to new owners.

GM's U-turn over the fate of its European arm had German politicians spitting chips yesterday, but the Business Secretary, Lord Mandelson, called it "a pleasant surprise for workers" at Vauxhall in the UK.

Deep GM Revamp Of Opel Vital For Company, Market by Helen Massy-Beresford, European Autos Correspondent - Analysis General Motors must push for a deeper restructuring of Opel than thwarted suitor Magna had planned if it wants to reap the benefits of the surprise move to keep the unit.

General Motorsa surprise decision to keep Opel, its European automaking unit, upset Frank Stronacha s longtime aspiration to become an automaker.

Germany's Economy Minister Rainer Bruederle, Chancellor Angela Merkel and Foreign Minister Guido Westerwelle, from left, discuss together prior to the weekly cabinet more... Germany's Economy Minister Rainer Bruederle arrives for the weekly cabinet meeting at the chancellery in Berlin, Germany, Wednesday, Nov.

Magna will hold its quarterly conference call on Thursday, November 5, 2009 at 5:30 p.m. EST.

By Jim Motavalli Nov 3, 2009 Many things added up to create Ford's surprise $997 million third-quarter profit: President and CEO Alan Mulally 's prudent and carefully followed business plan, cars and trucks that have won kudos from both critics and the public, strong overseas sales - and knowing when to "upfit." Ford spokeswoman Jennifer Moore uses ...

An Opel logo on a car is seen against the blue sky over Duesseldorf. Opel's employee council says workers have agreed to make cost-cutting contributions worth US$390 million a year to ease the auto maker's sale to a consortium led by Canadian auto parts maker Magna.

The independently owned Avtotor plant has invested a joint 39 million euros with GM to start assembly of the Opel Astra and Opel Zafira.