Mercedes Parts Supplier Magna Eyeing More European Facilities
Magna International, an Ontario-based global automotive parts supplier, is eyeing more profit out of Europe by moving its factories east, in an effort to meet North American demand for Mercedes-Benz vehicles as well as other models from German manufacturers. The original-equipment parts manufacturer is considering a number of European locations for eight proposed facilities, and these locations include Hungary, Poland, Russia, Serbia, and also Turkey. As part of an initiative to reduce labor costs, the company is also considering cutting back on its German and Belgian operations. Magna also counts BMW and Volkswagen AG as clients. With Mercedes-Benz posting sales growth of around 10 percent in year-to-date figures through May,… Continue Reading »