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Be the first with the news that moves the market- Magna (MG) announced that it is investing more than $470 million to expand its operations across Ontario
- The growth includes a new battery enclosure facility in Brampton to support the Ford F-150 Lightning and future Original Equipment Manufacturer (OEM) programs
- Magna is a diversified automotive supplier
- Magna International Inc. (MG) is up 1.79 per cent, trading at C$75.82 per share at 10:46 am ET
Magna (MG) announced that it is investing more than $470 million to expand its operations across Ontario.
The growth includes a new battery enclosure facility in Brampton to support the Ford F-150 Lightning and future Original Equipment Manufacturer (OEM) programs. Magna is also growing in its locations in Guelph, Belleville, Newmarket, Windsor, and Penetanguishene.
These expansions follow new business awards from various automakers in key product areas.
Details of the new and expanding facilities include:
- Brampton: A new 490,000-square-foot leased facility to manufacture battery enclosures for electric vehicles. Operations will begin in Q2 2023, with about 560 new jobs expected at full production.
- Guelph: Magna is adding e-coat, molding and welding capacity to its exteriors plant to support new electric vehicle production. The company expects production to begin in Q2 2023 and add around 175 new jobs. The expansion will total 120,000 square feet.
- Belleville: Magna’s lighting plant is adding to its capabilities for printed circuit board assemblies. It will start operations in Q4 2023 and add up to 100 new jobs.
- Newmarket: Magna’s mechatronics facility, which produces vehicle access systems, is growing its business and expects about 75 new jobs.
- Windsor: Magna’s mechatronics plant adds new business for powered aluminum tonneau covers. The facility has recently started those operations and is planning to add roughly 110 new jobs.
- Penetanguishene: Magna’s mechatronics facility is growing its tailgate hinges production and plans for more than 15 new jobs.
Eric Wilds, Chief Sales and Marketing Officer of Magna, commented on the announcement.
“Magna’s roots in Ontario run deep, and we are excited about opening a new facility dedicated to a strategic electrification product. The Brampton facility, coupled with investment and growth in five existing Ontario facilities, allows Magna to keep up with customer demands across several product areas. We are excited to bring new business, more investment and additional jobs to Ontario.”
Magna is a diversified automotive supplier. It has 49 manufacturing facilities with more than 18,500 employees throughout Canada.
Magna International Inc. (MG) is up 1.79 per cent, trading at C$75.82 per share at 10:46 am ET.
