Confident Magna predicts growth despite sales setback
29/02/2016
Foreign currency translation reduced sales by $3.35 billion during the year.
In the third quarter of 2015, it sold all of its interiors operations excluding seating.
Don Walker, Magna's CEO, commented: "Overall, we are satisfied with the progress we made during 2015. We took important steps to reposition our product portfolio for the future, in particular entering into a transaction to acquire Getrag, and disposing of substantially all of our interiors business.
“On the operations front, excluding the negative translation impact from the strengthening of the US dollar, we reported strong results. We have experienced some challenges in certain facilities which we are working to overcome.
“We are excited about Magna's future. We are confident that our ability to integrate our vast capabilities, a competitive advantage compared to our peers, together with our accelerated innovation activities, leave us well positioned to remain a key supplier partner to automotive manufacturers. We believe this strong positioning will enable us to drive continued growth."
In 2015, vehicle production increased 3% to 17.5 million units in North America and increased 4% to 21.0 million units in Europe, compared with 2014.
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