As it announced third quarter results, Magna International said founder and honorary chairman Frank Stronach would be leaving the board immediately.

Chairman Bill Young thanked Stronach “for his enormous contribution to Magna’s success over the past six decades”.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Stronach said: “It has been two years since control of Magna has changed hands and, in that time, I have become involved in numerous activities outside of the automotive industry. One of these activities involves politics in Austria and I do not want my political views to be confused with my role on Magna’s board. As a result, I feel the time is right to step down as a member.

“Of course, as honorary chairman, I will always be available to provide any guidance that management or the board requires.”

The Aurora, Ontario-based company which Stronach, as an Austrian toolmaker immigrant to Canada, founded, said third quarter sales rose 6% year on year to US$7.4bn as vehicle production increased 15% in North America and declined 7% in western Europe. North American and rest of world production sales, as well as tooling, engineering and other sales increased, while European production sales and complete vehicle assembly sales decreased.

Complete vehicle assembly sales fell 6% to $620m as volume fell 9% to around 29,000 units.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Adjusted EBIT increased 23% to $352m. Income from operations before income taxes was $500m, net income attributable to Magna International was $390m and earnings per share $1.66, increases of $336m, $288m and $1.24, respectively.

Nine-month sales also rose 6% – to $22.8bn as vehicle production increased 20% to 11.6m units in North America and decreased 7% to 9.6m units in western Europe.

Complete vehicle assembly sales decreased 10% to $1.9bn with volume off 8% to about 92,000 units.

Adjusted EBIT increased 22% to $1.3bn, income from operations before income taxes was $1.4bn, net income attributable to Magna International was $1.1bn and earnings per share $4.60, increases of $483m, $376m and $1.71, respectively.