Auto parts manufacturer moved quickly to cut costs and capital spending, expects to be profitable for the year.
28% of its sites are operating on reduced hours while 7% are operating on a very limited basis.
The auto parts company said many of its plants have reduced or suspended operations because of the outbreak
Canadian auto parts company will acquire six plants around the world with approximately 2,000 employees.
Expects total sales this year of between $38.7 billion and $39.8 billion.
Companies are looking to adjust production schedules to adapt to the disruption.
Will contribute to technology adoption and lean manufacturing efforts.
Expects light vehicle production in North America and Europe to fall shot of an earlier forecast.
Will now pay quarterly 36.5 cents per share, up from 33 cents per share.
Adjusting production capacity at the manufacturing facility to meet shifting customer demand.
Magna will acquire factories in Spain, the Czech Republic, Morocco and Mexico.
Increase is directly attributable to the trade deal.
Sales increase came as light vehicle production rose 7% in Europe and 5% in North America.
Ontario will provide a conditional grant of up to $50 million.
They say it’s bad for the small and medium-sized auto parts companies and their employees.