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Benzinga
Benzinga
Business
Shivani Kumaresan

Magna Opens New Facility In Slovakia

Slovakia MGA Magna International Inc NYSE
  • 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.
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