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Benzinga

Business

Shivani Kumaresan

Magna Opens New Facility In Slovakia

Slovakia MGA Magna International Inc NYSE

Magna International Inc (NYSE:MGA) (TSX:MG) has opened a new plant in Kechnec, Slovakia, to expand its ADAS (Advanced Driver Assistance System) and electrification footprint.
The brownfield facility will support two European automakers and a new global entrant.
The facility is anticipated to begin operation in the fourth quarter of 2022 and will have an area of 22,000 square meters.
The facility will produce advanced cameras and electronics for inverters. It expects to hire up to 600 employees through 2027.
The plant is the company’s fifth manufacturing facility in Slovakia.
Price Action: MGA shares are trading lower by 1.25% at $64.01 on the last check Thursday.

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