Magna To Focus On Its Core Businesses In 2010

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Canadian parts supplier Magna International has ended 2009 with a net loss of US$493mn as its sales shrunk a sizeable 27% year-on-year (y-o-y), to US$17.37bn. However, BMI points out the year has been of strategic importance to the supplier, given its plans for high profile acquisitions such as that of General Motor Company (GM)'s European division Opel. Although the supplier has no plans for any 'significant acquisitions or divestitures' in 2010, it revealed it will be looking to invest into electronics and the hybrid and electric vehicle businesses this year.