Magna posts record annual sales

Article Abstract:

Magna International Inc., a parts maker based in Aurora, Ontario, posted a record C$9.2 billion in annual sales in 1997, up 19.5% over C$7.7 billion in 1996 despite a strike at General Motors Corp. Magna also recorded a 7% increase in profit to C$454.5 million in 1997 compared with C$426.3 million in the previous year. The firm bagged a contract to supply Chrysler Corp. starting in 2001 with a power sliding doors and a power liftgate for its minivans. Magna's other contracts involve its hydroforming technology, which requires the application of high-pressure water to model and make metal parts.

Comment:

Posts a record C$9.2 bil in annual sales in 1997, up 19.5% over C$7.7 bil in 1996 despite a strike at General Motors

Motor Vehicle Parts, Motor Vehicle Parts Manufacturing, Automotive parts, Magna International Inc.

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Husky Injection agreed to pay $30-million dividend before IPO

Article Abstract:

Husky Injection Molding Systems Ltd., which manufactures moulding systems that shape compact disc cases, pop bottles and other plastic components, agreed to pay US$30-million dividend to its private shareholders before launching an initial public offering (IPO). According to a prospectus for Husky's IPO, the company borrowed money to give the dividend to its Chairman and Founder Robert Schad, Komatsu Ltd. of Japan, 103 senior employees and other shareholders. Before the IPO, 84.5% of Husky's common shares were controlled by Schad, Komatsu and the employees.

Comment:

Agrees to pay US$30-mil dividend to its private shareholders before launching an initial public offering

Plastics Products Equipment, Plastics and Rubber Industry Machinery Manufacturing, Machinery industry, Plastics industry, Plastics machinery, Husky Injection Molding Systems Ltd.

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More misery for embattled Ford

Article Abstract:

The drop in vehicle sales and sales rankings of Ford Motor Co. in the United States market is discussed. Ford now occupies the fourth place.

Motor Vehicles and Equipment, United States, Ford Motor Co., Transportation equipment industry, Company sales and earnings, Company earnings/profit, F, Automotive industry

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