Magna bids US$24.7 million for Plastech
Magna International Inc. has bid US$24.7-million to take over the exteriors business of bankrupt Tier 1 auto suppli...
Plastech, headquartered in Dearborn, Mich., filed for Chapter 11 protection in February after Chrysler LLC cancelled its contracts with the supplier, sparking a legal battle with Chrysler, which sought to remove the tools and machinery that were manufacturing components for several of its vehicles.
According to bankruptcy court documents, the work on which the Aurora, Ont.-based Magna is bidding consists mainly of plastic exterior trim products and fascias. Magna’s Decoma International Inc. unit, which is making the Plastech bid, is the largest manufacturer of fascias in North America.
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