Magna International Inc. (MG.TO), which lost more than 3%
yesterday, moved below its 20 day and 50 day SMAs ($35.42 and
$36.04 respectively) and closer to a year low $31.91, announced
that its Cosma International operating unit will strengthen its
manufacturing presence in the renewable energy market by opening a
manufacturing facility in Phoenix, Arizona. Cosma is a leading
global metalforming supplier in the automotive industry, and has
recently expanded into non-automotive markets.
There are reports that Cosma will also acquire four automotive
aluminium die casting operations from BDW technologies, two in
Germany, one in Poland and one in Hungary.
Meanwhile, the new facility is expected to be ready for
production in December 2011. This 166,000-square-foot facility will
produce metal structures and roll-formed components and systems for
the photovoltaic (PV), concentrated photovoltaic (
), and concentrated solar power (
) solar markets. At the start of production, the company expects to
create approximately 50-60 full-time new jobs.
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