Investment

City applauds Magna’s $6M Windsor investment

Published

2 years ago

April 6, 2023

City officials are celebrating a $6 million investment in Magna International’s Windsor mechatronics plant that will create new 110 jobs.

Windsor’s mayor and several city councillors gathered at the Twin Oaks Drive facility on Wednesday to publicly extol its growth.

“It’s exciting,” said Mayor Drew Dilkens. “Magna has strong roots around the world. They’re good at what they do, and being able to add to that complement here in the City of Windsor is a strong sign that they want to be part of the success that’s happening here.”

The Windsor investment is part of a wide-ranging $470-million package from Magna International to expand its Ontario operations and add more than 1,000 jobs across the province. The investment was first announced last month.

The Windsor operation’s footprint will remain the same, but its staffing complement will swell from more than 200 to more than 300 and the facility will manufacture a new product.

Brian Alexander, general manager of Magna Windsor Modules, called the investment “very significant.” Due to a confidentiality agreement with the customer, he declined to state what the product will be or who the customer is, but he did say the new product will be an “automotive component.”

Magna Windsor Modules employees applaud during a press event at the city plant on Wednesday announcing a new product investment and new jobs coming to the facility. Photo by Dax Melmer /Windsor Star

Production will begin in November. Anyone interested in applying for one of the new positions, which include assembly work and some salary positions in quality control and engineering, should visit magna.com/careers.

“Magna has a long history in our region as a key global supplier in our automotive industry system,” said Stephen MacKenzie, president and CEO of Invest WindsorEssex.

“With the new neighbour up the line, NextStar Energy, the battery plant … this recent investment in Magna’s Windsor operations further solidifies our region’s strength and stability in automotive manufacturing and next-generation vehicle production.”

In March, Magna also confirmed investments to expand its plants in Guelph ($140 million, 175 jobs), Belleville ($35 million, up to 100 jobs), Newmarket ($24 million, 75 jobs) and Penetanguishene ($1.8 million, 15-plus jobs).

Magna has 49 manufacturing facilities in Canada with more than 18,500 employees.

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Investment

S&P/TSX composite up more than 100 points, U.S. stock markets mixed

Published

2 days ago

October 16, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

S&P/TSX up more than 200 points, U.S. markets also higher

Published

1 week ago

October 11, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

Published

1 week ago

October 10, 2024

Anne Joseph

TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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