Telford car parts factory owner delivers record second-quarter sales
Canadian manufacturing giant Magna International, which owns two businesses in Shropshire, has posted record sales for the second quarter of the year despite a drop off in car production figures.
Magna, the owner of Stadco in Shrewsbury and Telford and the Cosma castings plant which has appeared on Telford's landscape in recent months, delivered sales of $9.7 billion (£7.5 billion) in the second quarter of the year.
It meant that in the first half of the financial year, covering the six months to June 30, the Canadian car parts giant delivered total sales of more than $19 billion (£14.7 billion).
It came despite car production in both the USA and the UK declining over the period.
The company said: "We posted all-time quarter record sales of $9.68 billion for the second quarter, an increase of three per cent over the second quarter of 2016.
"The year over year growth was achieved despite North American and European light vehicle production declining by three and one per cent respectively, both compared to the second quarter of 2016.
"Our complete vehicle assembly sales increased 14 per cent in the second quarter of 2017 largely reflecting the start of production of the BMW 5-Series at our assembly facility in Graz, Austria, partially offset by the end of production of the MINI Countryman and Paceman in 2016."
Magna is currently building its new castings plant at T54, which will provide structural parts for the body of cars – mainly in the short term for JLR. That factory will employ about 300 people initially, and is one of the biggest individual business investments to have come in Telford for several years.
It took over Stadco, which makes pressings for the car industry, two years ago.
