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4-Traders Homepage  >  Equities  >  Toronto Stock Exchange  >  Magna International Inc.    MG   CA5592224011

MAGNA INTERNATIONAL INC. (MG)
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Car parts maker Magna to create 1,000 jobs in Slovenia: minister

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10/06/2017 | 02:19pm CEST

LJUBLJANA (Reuters) - Canadian car parts maker Magna (>> Magna International Inc.) will create at least 1,000 jobs in Slovenia in the next five years in an investment worth at least 100 million euros ($117 million), Slovenian Economy Minister Zdravko Pocivalsek told reporters on Friday.

LJUBLJANA (Reuters) - Canadian car parts maker Magna (>> Magna International Inc.) will create at least 1,000 jobs in Slovenia in the next five years in an investment worth at least 100 million euros ($117 million), Slovenian Economy Minister Zdravko Pocivalsek told reporters on Friday.

Slovenia granted Magna a construction permit for a paint factory in northeastern Slovenia on Thursday and expects construction to start this month and be completed in a year.

However, Magna told Reuters that it can confirm only the creation of 400 jobs in the initial phase of the project.

"Future phases depend on the first one, on whether we are competitive, whether the customers are satisfied, and only then are we in the position to realize a new phase," Magna spokesman Rej Husetovic said.

"We would like to stress that, according to our worldwide experience, one working place in Magna creates two to three additional jobs in the region," he said.

According to the government, which has granted Magna a subsidy of 18.6 million euros, Magna had submitted a plan to potentially invest up to 1.24 billion euros in the country in four investment phases and create up to 6,000 jobs.

If all phases are completed Magna would establish a car plant in Slovenia with capacity of 100,000 to 200,000 cars per year, the government had said.

France's Renault (>> Renault) already has a factory in Slovenia. A number of Slovenian companies produce products for a range of global car makers.

(Reporting by Marja Novak; editing by Jason Neely)

Stocks treated in this article : Renault, Magna International Inc.
Stocks mentioned in the article
ChangeLast1st jan.
MAGNA INTERNATIONAL INC. -1.87% 79.28 Delayed Quote.13.41%
RENAULT -0.65% 73.63 Real-time Quote.-11.67%
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Financials ($)
Sales 2018 42 062 M
EBIT 2018 3 164 M
Net income 2018 2 498 M
Debt 2018 2 848 M
Yield 2018 2,11%
P/E ratio 2018 8,63
P/E ratio 2019 8,17
EV / Sales 2018 0,58x
EV / Sales 2019 0,55x
Capitalization 21 545 M
Chart MAGNA INTERNATIONAL INC.
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Magna International Inc. Technical Analysis Chart | MG | CA5592224011 | 4-Traders
Technical analysis trends MAGNA INTERNATIONAL INC.
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 71,1 $
Spread / Average Target 19%
EPS Revisions
Managers
NameTitle
Donald J. Walker Chief Executive Officer & Director
Bill L. Young Chairman
Tommy J. Skudutis Chief Operating Officer-Exteriors & Interiors
Vincent J. Galifi Chief Financial Officer & Executive Vice President
Seetarama Kotagiri Chief Technology Officer
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