Magna International Announces New Facility in Arizona for Renewable Energy; Shrs Lost 3% Tue, Moving Closer To Yr Lows
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 ( CPV ), and concentrated solar power ( CSP ) solar markets. At the start of production, the company expects to create approximately 50-60 full-time new jobs.
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