AURORA, Ontario, December 6, 2017 /PRNewswire/ --
- All $ are USD
Magna International Inc. (TSX: MG; NYSE: MGA) today announced
the completion of the first of two share repurchase programs (the
"Program"). The Program was commenced pursuant to an issuer bid
exemption order issued to Magna by the Ontario Securities
Commission on November 21, 2017.
Magna repurchased a total of 1,472,000 Common Shares under the
Program directly from a third party, for an aggregate purchase
price of $101.2 million. All Common
Shares acquired under the Program were cancelled. The Program
formed part of Magna's normal course issuer bid announced on
November 13, 2017.
OUR BUSINESS(1)
We are a leading global automotive supplier with 328 manufacturing
operations and 99 product development, engineering and sales
centres in 29 countries. We have over 163,000 employees focused on
delivering superior value to our customers through innovative
products and processes, and world class manufacturing. We have
complete vehicle engineering and contract manufacturing expertise,
as well as product capabilities which include body, chassis,
exterior, seating, powertrain, active driver assistance, vision,
closure and roof systems and have electronic and software
capabilities across many of these areas. Our common shares trade on
the Toronto Stock Exchange (MG) and the New York Stock Exchange
(MGA). For further information about Magna, visit our website at
http://www.magna.com.
(1) Manufacturing operations, product development,
engineering and sales centres and employee figures include certain
equity-accounted operations.
INVESTOR CONTACT:
Louis Tonelli
Vice-President
Investor Relations
louis.tonelli@magna.com
+1-905-726-7035
MEDIA CONTACT:
Tracy Fuerst
Director of Corporate Communications & PR
tracy.fuerst@magna.com
+1-248-631-5396