Magna Opens New Facility In Slovakia

by Shivani Kumaresan, Benzinga Staff Writer

April 21, 2022 3:20 PM | 1 min read |

Magna International Inc MGA MG has opened a new plant in Kechnec, Slovakia, to expand its ADAS (Advanced Driver Assistance System) and electrification footprint.
The brownfield facility will support two European automakers and a new global entrant.
The facility is anticipated to begin operation in the fourth quarter of 2022 and will have an area of 22,000 square meters.
The facility will produce advanced cameras and electronics for inverters. It expects to hire up to 600 employees through 2027.
The plant is the company’s fifth manufacturing facility in Slovakia.
Price Action: MGA shares are trading lower by 1.25% at $64.01 on the last check Thursday.

Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.