Magna to expand three N.C. plants
Magna Composites, a subsidiary of Aurora, Ont.-based Canadian auto parts maker Magna International Inc. has an...
Magna Composites, a subsidiary of Aurora, Ont.-based Canadian auto parts maker Magna International Inc. has announced plans to expand three plants in North Carolina.
The company will spend US$10 million for the expansion, of which US$1.1 million will be sourced from North Carolina state incentives in the category of job development investment grants.
The proposed expansion to the plants in Rowan, Catawba and Caldwell counties would add 327 new jobs on top of the existing 360 employees at the plants. To qualify for the US$1.1 million grant, Magna will pay the new workers average annual wages of US$33,352 excluding benefits.
Magna Composites, a part of Magna’s Exteriors and Interiors business, acquired the three North Carolina plants in June 2009 as part of its purchase of assets of the composites business of Meridian Automotive System.
Magna International is a manufacturer and supplier of automotive components. The company designs, develops and manufactures automotive systems, assemblies, modules and components, besides engineering and assembling complete vehicles, primarily for sale to original equipment manufacturers of cars and light trucks. Its product portfolio includes automotive interior and exterior systems, seating systems, body and chassis systems, electronic systems, powertrain systems and roof systems.