Magna International (TSE:MG), a Canadian auto parts maker and contract manufacturer, said it plans to open two more plants in the Indian state of Gujarat. Shares fluctuated.
Both facilities will be in the Sanand region of the state of Gujarat, India and are scheduled to begin production in 2015, the Aurora, Ontario-based company said in a statement today.
One of the facilities, measuring 215,000 square feet and employing some 200 people, will manufacture seat systems.
The second, at 365,000 square feet and 400 employees, will manufacture vehicle body and chassis for multiple customers, Magna said.
"With almost a million square feet of capacity now installed in India, we believe we are extremely well-positioned to support the increasing vehicle production forecast for the Indian automotive industry," Jim Tobin, Magna Asia's president, said in the statement.
Magna has several other facilities in India, and 1,600 employees. Once the new sites are open it will have 11 manufacturing facilities and four engineering centers in the country.
Magna has more than 130,000 employees at 317 manufacturing operations and 83 product development, engineering and sales centers in 29 countries.
In a separate statement today, Magna and Indian conglomerate Tata Group's automotive supplier Tata AutoComp Systems said they had agreed to form a joint venture that would supply seat systems for Indian commercial vehicle makers. The venture is to be based in the state of Maharashtra.
Shares were up 0.2 percent at C$113.68 at 10:23 a.m. in Toronto, The stock is up 30 percent so far this year.
Reported by Proactive Investors 2 hours ago.
Both facilities will be in the Sanand region of the state of Gujarat, India and are scheduled to begin production in 2015, the Aurora, Ontario-based company said in a statement today.
One of the facilities, measuring 215,000 square feet and employing some 200 people, will manufacture seat systems.
The second, at 365,000 square feet and 400 employees, will manufacture vehicle body and chassis for multiple customers, Magna said.
"With almost a million square feet of capacity now installed in India, we believe we are extremely well-positioned to support the increasing vehicle production forecast for the Indian automotive industry," Jim Tobin, Magna Asia's president, said in the statement.
Magna has several other facilities in India, and 1,600 employees. Once the new sites are open it will have 11 manufacturing facilities and four engineering centers in the country.
Magna has more than 130,000 employees at 317 manufacturing operations and 83 product development, engineering and sales centers in 29 countries.
In a separate statement today, Magna and Indian conglomerate Tata Group's automotive supplier Tata AutoComp Systems said they had agreed to form a joint venture that would supply seat systems for Indian commercial vehicle makers. The venture is to be based in the state of Maharashtra.
Shares were up 0.2 percent at C$113.68 at 10:23 a.m. in Toronto, The stock is up 30 percent so far this year.
Reported by Proactive Investors 2 hours ago.