Magna in messy negotiations with UAW over New Venture deal

Article Abstract:

Magna International Inc. is facing difficulties in reaching a contract with the United Auto Workers (UAW) union that would finalize its $435-million acquisition of New Venture Gear Inc with respect to a promise that Magna made to General Motors Corp. Magna aims to manufacture transfer cases for the next generation of the auto maker's full-sized pickup trucks and sport utility vehicles by building a plant in Muncie, Indiana.

United States, Negotiation, mediation and arbitration, United Automobile Workers, New Venture Gear Inc.

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Magna reverses strategy, plans to take parts subsidiaries private

Article Abstract:

Magna International Inc. in Canada plans to change its 10 years old corporate strategy with a $1.3-billion plan to take its three publicly traded auto parts subsidiaries private that includes Tesma International Inc., Decoma International Inc. and Intier Automotive Inc. The shares in Magna fell $2.97 to $83.95 in the trading Toronto Stock Exchange and shares of all the three subsidiaries soared by 20%.

Strategy & planning, Miscellaneous Plastics Products, NEC, Rubber & Plastic Products, Plastics and Rubber Products Manufacturing, Plastics materials and resins, RUBBER AND MISC. PLASTICS PRODUCTS, Planning, Plastics industry, Company business planning, Decoma International Inc., Tesma International Inc.

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