Brief: Magna Exec Says Co Taking Restructure Action At More Than 40 Divisions -- Conf. Call

Magna International

02/08/2024 14:14

Aug 2 (Reuters) - Magna International Inc  MG.TO :
    * MAGNA EXEC: TAKING RESTRUCTURE ACTION AT MORE THAN 40
DIVISIONS
-- CONF. CALL
    * MAGNA EXEC: CO IS RIGHT SIZING COMPLETE VEHICLE UNIT
    * MAGNA EXEC: Q2 PRODUCTION FROM DETROIT THREE AUTOMAKERS
DOWN
ABOUT 5%
    * MAGNA EXEC: Q2 PRODUCTION FROM EUROPEAN OEMS DOWN ABOUT 5%
    * MAGNA EXEC: SLOWER BEV ADOPTION IN NORTH AMERICA IMPACTING
OPERATIONS
    * MAGNA EXEC: RESTRUCTURING COMPLETE VEHICLE COST SPACE TO
ADJUST
TO LOWER NEAR-TERM VOLUMES
    * MAGNA EXEC: INEOS CANCELLATION TO LEAD TO ABOUT $700
MILLION OF
LOST SALES
    * MAGNA EXEC: CURTAILING INVESTMENTS BETWEEN 2024-2026
    * MAGNA EXEC: TARGETING REDUCTION OF UPTO $500 MILLION OF
GROSS
ENGINEERING INVESTMENT

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