Magna Founder Frank Stronach Given $1 Billion Severance Package

Magna Founder Frank Stronach Given $1 Billion Severance Package
Share this Article
Auto parts maganate Frank Stronach, who founded Magna International Inc. is being given a $1 billion dollar golden parachute for him to exit the giant corporation he founded in 1957. Stronach is something of a folk hero in Canada, where Magna is based. A penniless immigrant from Austria, Stronach founded the company and grew it… Continue Reading...

Magna Deal Prohibits Sale of Opels In The U.S., But Not In Canada

1
Magna Deal Prohibits Sale of Opels In The U.S., But Not In Canada
Share this Article
Magna International will not be selling Opel cars in the United States or China, says company CEO Frank Stronach. The head of the Canadian auto parts supplier said that this was part of the deal he worked out with GM when purchasing its European Opel brand. Interestingly, however, there is no indication that the agreement… Continue Reading...

Magna Wins Opel Bid, Wants to Build Cars in Canada

Magna Wins Opel Bid, Wants to Build Cars in Canada
Share this Article
By solidifying a deal to take control of GM’s European operations, Canada’s Magna International Inc. is eager to start producing Opel cars in Canada. “We want to build Opel cars in Canada,” said company founder and CEO Frank Stronach. “Canada should have its own Canadian company … a truly Canadian automobile industry.” The third largest… Continue Reading...