Magna and Chrysler Sitting in a Tree
August 10th, 2007 10:00 AM
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In a magnanimous gesture, Canadian-based Magna International has offered to help Cerberus expand Chrysler's international operations. Magna, once the front runner to buy Chrysler, is expanding into Russia and wants to take Chrysler with them. Magna's president Mark Hogan told Reuters, "Chrysler has done a good job of establishing a distribution network in western Europe and to a lesser extent in eastern Europe. We can probably help them as we establish ourselves in Russia." Chrysler is moving production of their Euro-spec 300's from Magna's Graz, Austria facility to their own in Ontario, so Magna needs to keep their ties with the company somehow. You know– just in case Cerberus decides to sell something.
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Magna seems to want to be to the auto industry what Flextronics and Selectron are to the electronics industry, the go-to manufacturing partner.
Magna wants to build Jeeps in Russia(?) That would be a smart move.