Magna considers asset spinoff

Article Abstract:

Magna International Inc. of Aurora, Ontario, is thinking of spinning off its non-automotive businesses, including real estate, to its shareholders to allay criticisms that it is veering away from its core business. Shareholders in the auto parts giant could vote on the planned spinoff as early as the annual meeting in December 1998. A spunoff real estate company would own an estimated C$800 million worth of real estate on which the company's manufacturing facilities and offices sit. The company would also manage the company's planned venture into the theme park and luxury airline businesses.

Comment:

Is thinking of spinning off its non-automotive businesses, including real estate, to its shareholders

Asset sales & divestitures

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CAW head talks union with Magna chairman

Article Abstract:

Magna International Inc. has started negotiating with the Canadian Auto Workers (CAW) union. Magna Chairman Frank Stronach stated that talks with CAW President Buzz Hargrove have pushed CAW closer to organizing assembly line workers at the company. An accord with the CAW would mark a shift in strategy for Magna, which has become among the biggest international auto parts manufacturers by paying low base wages to its employees and executives, but raising salaries with profit-sharing and share ownership programs.

Comment:

Starts negotiating with the Canadian Auto Workers union

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CAW picks Ford as strike target

Article Abstract:

Canadian Auto Workers (CAW) Buzz Hargrove announced that Ford Motor Company of Canada Ltd will be their initial strike target. The CAW has set the midnight of Sep 21 as its strike deadline. The two crucial issues which CAW wants to negotiate with Ford Canada are the inclusion of a second shift at the automaker's pickup assembly plant in Oakville, Ont and ensuring the future of the iron casting plant in Windsor, Ont.

Canada, Labor Unions and Similar Labor Organizations, Unions-Manufacturing, Ford Motor Company of Canada Ltd.

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