Manufacturing AUTOMATION

News Industry News
Magna expects sales to be hurt by sale of fluid pressure and controls


January 15, 2019
By The Canadian Press

Topics

January 15, 2019 – Magna International Inc. says it expects its sales this year will be weighed down by a stronger U.S. dollar and the sale of its fluid pressure and controls business.

The Ontario-based auto parts maker, which keeps its books in U.S. dollars, says it expects total sales of US$40.2 billion to $42.4 billion for 2019.

Magna expects net income for the year to total $2.1 billion to $2.3 billion.

Capital spending for 2019 is forecast to be about $1.7 billion.


Related news
Magna to acquire Spanish automotive company Viza Geca SL
Magna reports Q3 profit and sales up


Magna signed a deal in September to sell its fluid pressure and controls business to Hanon Systems, a South Korea-based company, for roughly $1.23 billion.

The deal is expected to close in the first quarter of 2019.

News from © The Canadian Press Enterprises 2019