Magna International Inc. is a Canadian parts manufacturer for automakers. It is one of the largest companies in Canada and was recognized in the 2020 Forbes Global 2000. The company is the largest automobile parts manufacturer in North America by sales of original equipment parts, it has ranked consistently in the Fortune Global 500 list for 20 years in a row since 2001.
It produces automotive systems, assemblies, modules, and components, which are supplied to General Motors, Ford Motor Company, and FCA, as well as BMW, Mercedes, Volkswagen, Toyota, Tesla, and Tata Motors, among others.
The company is headquartered in Aurora, Ontario. It has 158,000 employees in 342 manufacturing operations and 91 product development, engineering, and sales centers in 27 countries. Magna is governed under a corporate constitution that calls for the distribution of profits to employees and shareholders.
(Wowtimes) Magna International’s history and achievements
- 1957: Frank Stronach founded Multimatic Investments Ltd in a tool-and-die rented garage out of Toronto
- 1959: Its first automotive industry contract for metal sun visor brackets was with General Motors
- 1962: Magna entered the stock market
- 1965: Magna shipped its first auto parts to the US
- 1972: Magna opened its first facility in the US, in Montezuma.
- 1973: Magna Electronics Corporation Limited changed its name to Magna International Inc.
- 1992: Magna was listed on the New York stock exchange
- 1993: Magna opened its first facility in Mexico to supply Volkswagen.
- 1996: Magna underwent a major European expansion by acquiring a number of European automobile parts manufacturers
- 1999: Forbes Magazine named Magna as the world’s top auto parts company
- 2001: Magna was ranked in the Fortune Global 500 list (for consistently 20 years)
- 2006: The first two Magna plants in Africa started production
- 2007: Magna was the only non-OEM ever to receive the JD Power Gold award
- 2008: Magna started to develop electric vehicles
- 2012: Magna achieved a record sale on strengthening the market in China
- 2014: Magna expanded its business in India
- 2017: The company was recognized as a top US and Canadian employer by Forbes
- 2018: Magna announced they will work together with the ride-share company Lyft to supply high-tech kits that turn vehicles into self-driving cars. Magna also announced a partnership with BAIC Group in June 2018 to develop "next-generation" smart electric vehicles for Chinese consumers.
- 2021: Magna planned to open a facility in the city of St. Clair to build battery enclosures for the 2022 GMC Hummer electric pickup.
According to Wikipedia