We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Magna International (MGA) Plans EUR 1.24B Expansion in Europe
Read MoreHide Full Article
Magna International Inc. (MGA - Free Report) plans to invest up to €1.24 billion ($1.3 billion) in Slovenia, including the construction of a fully functional car plant. The plant is expected to have a capacity of 100,000–200,000 units per year and the investment is expected to create about 6,000 jobs.
Magna International has submitted an outline of the proposed plan to the government, which is likely to be concluded in four phases. However, a particular time frame or a possible date on which the investment decision would be finalized has not been provided yet. The company’s Austrian facility has been operating at full capacity and has been receiving new business contracts. This in turn had led to the car part manufacturer to consider the construction of a new plant in Europe.
The Slovenian government is focused on attracting foreign investments and has decided to provide roughly €25 million financial support to three industry investment projects. Magna International has been awarded €18.6 million, the largest share, as part of this plan.
In Jan 2017, Magna International revealed plans to build a new paint shop in Slovenia. The company’s expansion strategies are expected to benefit the company in the long term. Last year Magna International opened a new facility in Queretaro, Mexico, a new seating manufacturing facility in Taizhou, China and a new seating engineering center in the Xuhui District of Shanghai, China.
Price Performance
Magna International has underperformed the Zacks categorized Auto/Truck-Original Equipment Market industry over the last year. During the aforesaid period while the stock gained 3.9%, the industry rallied 22.5%.
Zacks Rank & Key Picks
Magna International currently carries a Zacks Rank #3 (Hold).
Ferrari has an expected long-term growth rate of 16.5%.
American Axle has an expected long-term growth rate of 8.1%.
Lear has an expected long-term growth rate of 8.9%.
5 Trades Could Profit "Big-League" from Trump Policies
If the stocks above spark your interest, wait until you look into companies primed to make substantial gains from Washington's changing course.
Today Zacks reveals 5 tickers that could benefit from new trends like streamlined drug approvals, tariffs, lower taxes, higher interest rates, and spending surges in defense and infrastructure. See these buy recommendations now >>
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Magna International (MGA) Plans EUR 1.24B Expansion in Europe
Magna International Inc. (MGA - Free Report) plans to invest up to €1.24 billion ($1.3 billion) in Slovenia, including the construction of a fully functional car plant. The plant is expected to have a capacity of 100,000–200,000 units per year and the investment is expected to create about 6,000 jobs.
Magna International has submitted an outline of the proposed plan to the government, which is likely to be concluded in four phases. However, a particular time frame or a possible date on which the investment decision would be finalized has not been provided yet. The company’s Austrian facility has been operating at full capacity and has been receiving new business contracts. This in turn had led to the car part manufacturer to consider the construction of a new plant in Europe.
The Slovenian government is focused on attracting foreign investments and has decided to provide roughly €25 million financial support to three industry investment projects. Magna International has been awarded €18.6 million, the largest share, as part of this plan.
In Jan 2017, Magna International revealed plans to build a new paint shop in Slovenia. The company’s expansion strategies are expected to benefit the company in the long term. Last year Magna International opened a new facility in Queretaro, Mexico, a new seating manufacturing facility in Taizhou, China and a new seating engineering center in the Xuhui District of Shanghai, China.
Price Performance
Magna International has underperformed the Zacks categorized Auto/Truck-Original Equipment Market industry over the last year. During the aforesaid period while the stock gained 3.9%, the industry rallied 22.5%.
Zacks Rank & Key Picks
Magna International currently carries a Zacks Rank #3 (Hold).
Better-ranked companies in the auto space include Ferrari N.V. (RACE - Free Report) , American Axle & Manufacturing Holdings, Inc. (AXL - Free Report) and Lear Corporation (LEA - Free Report) . All the three companies carry a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Ferrari has an expected long-term growth rate of 16.5%.
American Axle has an expected long-term growth rate of 8.1%.
Lear has an expected long-term growth rate of 8.9%.
5 Trades Could Profit "Big-League" from Trump Policies
If the stocks above spark your interest, wait until you look into companies primed to make substantial gains from Washington's changing course.
Today Zacks reveals 5 tickers that could benefit from new trends like streamlined drug approvals, tariffs, lower taxes, higher interest rates, and spending surges in defense and infrastructure. See these buy recommendations now >>