Magna sees revenue rising

Magna International Inc. expects its 2005 revenue to grow as much as 16%, bolstered by an expansion of its Asian business. Magna president Mark Hogan told analysts last week in Detroit that the company’s revenues should reach a record US$23.5 billion. In the face of automotive production cuts in North America, Hogan said Magna intends to broaden its customer base. Magna has recently signed supply contracts with Toyota Motor and Suzuki Motor Corp. as a strategy of protecting itself against the declining market share of its traditional key customers, General Motors, Ford Motor Co. and DaimlerChrysler.