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

Tuesday January 15, 2019
Written by The Canadian Press
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

Add comment

Security code

Subscription Centre

New Subscription
Already a Subscriber
Customer Service
View Digital Magazine Renew


Digital Industry USA
September 10-12, 2019
EMO Hannover 2019
September 16-21, 2019
Weidmuller Open House
September 17, 2019

We are using cookies to give you the best experience on our website. By continuing to use the site, you agree to the use of cookies. To find out more, read our Privacy Policy.