AURORA, Ontario, December 29, 2017 /PRNewswire/ --
Magna International Inc. (TSX: MG;
NYSE: MGA) today announced the completion of the second of two
share repurchase programs (the "Program"). The Program was
commenced pursuant to an issuer bid exemption order issued to Magna
by the Ontario Securities Commission on November 21, 2017.
Magna repurchased a total of 395,100 Common Shares under the
Program directly from a third party, for an aggregate purchase
price of CAD $27.5 million. All
Common Shares acquired under the Program were cancelled. The
Program formed part of Magna's normal course issuer bid announced
on November 13, 2017.
OUR BUSINESS (1)
We are a leading global automotive supplier with 328 manufacturing
operations and 99 product development, engineering and sales
centres in 29 countries. We have over 163,000 employees focused on
delivering superior value to our customers through innovative
products and processes, and world class manufacturing. We have
complete vehicle engineering and contract manufacturing expertise,
as well as product capabilities which include body, chassis,
exterior, seating, powertrain, active driver assistance, vision,
closure and roof systems and have electronic and software
capabilities across many of these areas. Our common shares trade on
the Toronto Stock Exchange (MG) and the New York Stock Exchange
(MGA). For further information about Magna, visit our website
at http://www.magna.com .
(1) Manufacturing operations,
product development, engineering and sales centres and employee
figures include certain equity-accounted operations.
INVESTOR CONTACT
Louis Tonelli, Vice-President,
Investor Relations
louis.tonelli@magna.com │ +1-905-726-7035
MEDIA CONTACT
Tracy Fuerst, Director of Corporate
Communications & PR
tracy.fuerst@magna.com │ +1-248-631-5396