Canadian Plastics

Magna exits horses

Automotive supplier Magna International is ending its formal involvement with horse racing and other entertainment.

July 14, 2003   Canadian Plastics

Automotive supplier Magna International is ending its formal involvement with horse racing and other entertainment. Magna is transferring its 59% stake in Magna Entertainment to its real estate subsidiary, MI Developments Inc., and spinning off the company to shareholders. Belinda Stronach, Magna president and CEO, said the action demonstrates the company’s intention to focus on its core business of automotive operations.


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