Ohio Automotive Manufacturer Under Way with $17.5 Million Expansion

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Researched by Industrial Info Resources (Sugar Land, Texas)--Magna Team Systems (Toledo, Ohio), a division of Magna International Incorporated (NYSE:MGA) (Aurora, Ontario), is currently under way with a $17.5 million expansion of the company's front-end module manufacturing plant in Toledo, Ohio.

Construction includes installing seven 1,000- to 3,300-ton plastic injection molding machines and additional supporting equipment, as well as performing upgrades and alignments to existing equipment in the 177,000 square foot plant. The expansion will allow the company to increase manufacturing operations 50%, including production lines for Chrysler, Whirlpool and Mazda. Magna produces front-end modules for the Chrysler Jeep Assembly Plant in Toledo and other components for Mazda's assembly plant in Flat Rock, Michigan. Construction started in September 2009, and overall completion is slated for the spring of 2010. Approximately 125 new jobs will be created. A 99,000-square-foot building addition was recently completed.

In January, the company announced that it was laying off 140 employees. Approximately126 employees were recently recalled to work, bringing the total of added jobs to about 265.

Magna Team Systems, a privately held company, manufactures motor vehicle body components and frames for the automotive industry. Magna makes inside door panels, as well as green-energy products for vehicles, as well as front-end modules.

Magna International, founded in 1957 in Aurora, Ontario, designs, develops and manufactures advanced automotive systems, assemblies, modules and components for sale to original equipment manufacturers of cars and light trucks for the automotive industry. In 2008, the company had revenues of $23 billion and an operating income of $328 million. As of March 2009, the company had 72,000 employees operating in 242 manufacturing locations. Magna manufactures auto parts for all major automakers, including General Motors (Detroit, Michigan), Ford Motor Company (NYSE:F) (Dearborn, Michigan), Chrysler Group LLC (Auburn Hills, Michigan), Volkswagen AG (OTC:VLKAY), BMW (ETR:BMW), Mercedes-Benz, Nissan Motor Company Limited (OTC:NSANY), Toyota Motor Corporation (NYSE:TM), Honda (NYSE:HMC) and Hyundai.

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