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Magna unit wins massive a year GM contract

WINDSOR, Ont. -- General Motors Corp. has awarded a Magna International subsidiary a contract to supply the total i...


WINDSOR, Ont. — General Motors Corp. has awarded a Magna International subsidiary a contract to supply the total interior for its next generation of full-size truck.

The deal has been valued at as much as US$3-billion a year to the Canadian autoparts manufacturer.

The contract would see Intier Automotive eventually supplying interiors for almost two million vehicles a year, says Bo Andersson, General Motors’ vice-president of worldwide purchasing.

“It’s a big validation of GM’s faith in Intier’s ability to deliver,” Kenneth Blaschke, an auto-supplier analyst at Deutsche Bank Alex, tells one news service. “Intier has this big backlog because GM trusts what Magna has done in the past.”

Magna sold $100-million in Intier shares in an initial public offering in August and retains voting control over the unit. Intier, which has not yet reported full-year results, said it had US$2.4-billion in proforma sales in the first nine months of 2001.


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