Magna is considering acquiring assets in Russia, according to business daily Vedomosti.
Magna’s Co-CEO Don Walker told analysts earlier this week that the company was “further evaluating acquisition opportunities in Russia,” Bloomberg reported.
He did not specify any potential acquisition targets.
Magna is currently building a plastic component plant in St. Petersburg and has plans to build a similar plant in Kaluga.
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In December, Magna purchased Nizhny-Novgorod-based car part maker Tekhnoplast.
Two analysts told Vedomosti that Magna’s decision to expand Russia was linked to declining sales in other countries, primarily in the United States. They predict that other car part makers will also announce plans to expand into Russia in the next two to three years.
