Key Developments: Magna International Inc (MGA)

MGA on New York Consolidated

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4 May 2015
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Latest Key Developments (Source: Significant Developments)

Magna International Inc and Chongqing Xingqiaorui automotive to form Joint Venture
Monday, 4 May 2015 05:07pm EDT 

Magna International Inc and Chongqing Xingqiaorui:Have agreed to form a strategic JV in China.Under terms of agreement, Cosma International, Magna's body and chassis operating unit, will hold a 53 pct stake in JV, while Xingqiaorui will hold the remaining 47 pct.Transaction is expected to close in late 2015 or early 2016.  Full Article

Magna International Inc sells interiors arm to Antolin for $525 million - The Canadian Press
Wednesday, 15 Apr 2015 08:00pm EDT 

Magna International Inc:Agrees to sell its interiors operations for about $525 million to Spanish auto parts manufacturer Grupo Antolin - The Canadian Press.The transaction, involving the production of doors, seats and lighting, includes 36 manufacturing operations and about 12,000 employees located in Europe, North America and Asia.  Full Article

Magna International Inc to launch new exteriors facility in Mexico
Wednesday, 18 Mar 2015 01:00pm EDT 

Magna International Inc:Says the start of construction at a new, state-of-the-art automotive exteriors manufacturing facility in Queretaro, Mexico.Company held a ceremony at the site of the new plant and met with Governor of Queretaro José Calzada to jointly announce the project.  Full Article

Magna International Inc lowers FY 2015 revenue guidance
Wednesday, 25 Feb 2015 05:00am EST 

Magna International Inc:Updates FY 2015 total sales in the range of $33.1 - $34.8 billion.  Full Article

Magna International Inc declares quarterly dividend
Wednesday, 25 Feb 2015 05:00am EST 

Magna International Inc:Declared a quarterly dividend with respect to outstanding Common Shares for the quarter ended Dec. 31, 2014.The board increased the dividend by 16 pct to $0.44 per share ($0.22 per share after giving effect to the two-for-one stock split referred to above).This dividend is payable on March 27 to shareholders of record on March 13.  Full Article

Magna International Inc acquires business units of Philips & Lite-On Digital Solutions
Tuesday, 3 Feb 2015 09:51am EST 

Magna International Inc:Says it has acquired the head-up display and electronic components business units of Philips & Lite-On Digital Solutions (PLDS) in Wetzlar, Germany, as well as PLDS' ultrasonic sensor business in Hsinchu, Taiwan.Transaction is aimed at strengthening Magna's electronics engineering capabilities in Europe.Acquiring these business units furthers the company's goal of growing its electronics portfolio and delivering a variety of connected car technologies to the market.As part of the transaction, about 60 PLDS employees will join Magna.Terms of the acquisition are not being disclosed.  Full Article

Magna International Inc gives FY 2015 revenue outlook below analysts' estimates
Wednesday, 14 Jan 2015 07:00am EST 

Magna International Inc:Expects FY 2015 total sales in the range of $34.4 - $36.1 bln.FY 2015 revenue of $37.6 bln - Thomson Reuters I/B/E/S.  Full Article

TSX accepts Magna International Inc's notice of intention to make normal course issuer bid
Monday, 10 Nov 2014 05:52pm EST 

Magna International Inc:Says that the Toronto Stock Exchange had accepted its Notice of Intention to Make a Normal Course Issuer Bid.Pursuant to the Notice, Magna may purchase up to 20,000,000 Magna Common Shares, representing about 9.7 pct. of its public float.Says as at Nov. 6, 2014 Magna had 207,354,943 issued and outstanding Common Shares, including a public float of 206,229,963 Common Shares.Says during the previous 12 months, Magna has purchased 17,645,437 Common Shares pursuant to a normal course issuer bid at a weighted average purchase price of $97.70 per Common Share.The primary purposes of the Bid are purchases for cancellation, as well as purchases to fund Magna's stock-based compensation awards or programs and/or Magna's obligations to its deferred profit sharing plans.Magna may purchase its Common Shares, from time to time, if it believes that the market price of its Common Shares is attractive and that the purchase would be an appropriate use of corporate funds and in the best interests of the Corporation.Says the Bid will commence on Nov. 13, 2014 and will terminate no later than Nov. 12, 2015.  Full Article

Magna International Inc declares quarterly dividend
Wednesday, 5 Nov 2014 05:00am EST 

Magna International Inc:Declares quarterly dividend of $0.38 with respect to outstanding common shares for the quarter ended Sept. 30, 2014.This dividend is payable on Dec. 12.Record date will be on Nov. 28.  Full Article

Magna International Inc narrows FY 2014 revenue outlook
Wednesday, 5 Nov 2014 05:00am EST 

Magna International Inc:Now expects total sales for FY 2014 to be between $35.8 and $37.0 billion (previous $35.6 and $37.3 billion).FY 2014 revenue of $37.5 billion - Thomson Reuters I/B/E/S.  Full Article

UPDATE 1-Magna to sell most of vehicle-interiors business for $525 mln

April 16 - Canadian auto-parts maker Magna International Inc said on Thursday it will sell most of its vehicle-interiors operations to Spain's Grupo Antolin for about $525 million.

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