Magna announces 2010 outlook

Automotive systems supplier Magna International Inc. is anticipating consolidated sales to be between US$19.5 billion and US$20.5 billion for 2010.

This expectation is based on full year 2010 light vehicle production volumes of approximately 10.3 million units in North America, the Aurora, Ont.-based company said, and approximately 11.4 million units in Europe.

“In addition, we expect that our full year 2010 spending for fixed assets will be in the range of $750 million to $800 million,” the company said. “This amount reflects continuing investment to support new and replacement business in our traditional markets as well as investment to expand into high-growth emerging markets.’

The company reported having approximately 72,000 employees in 240 manufacturing operations and 85 product development, engineering and sales centres in 25 countries.