Magna Opens New Facility In Slovakia

Author: Shivani Kumaresan | April 21, 2022 03:20pm

• Magna International Inc (NYSE:MGA) (TSX:MG) has opened a new plant in Kechnec, Slovakia, to expand its ADAS (Advanced Driver Assistance System) and electrification footprint.
• The brownfield facility will support two European automakers and a new global entrant.
• The facility is anticipated to begin operation in the fourth quarter of 2022 and will have an area of 22,000 square meters.
• The facility will produce advanced cameras and electronics for inverters. It expects to hire up to 600 employees through 2027.
• The plant is the company’s fifth manufacturing facility in Slovakia.
• Price Action: MGA shares are trading lower by 1.25% at $64.01 on the last check Thursday.

Posted In: MGA TSX:MG