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Magna International Inc. is a Canadian company based in Aurora, Ontario. It is Canada's largest automobile parts manufacturer and one of the country's largest companies. It also owns the successful Magna Steyr automobile production company of Austria.
The company was founded in 1957 by Frank Stronach as Multimatic. This company merged with Magna Electronics in 1969, and the combined company became Magna International in 1973.
Mainly based in southern Ontario the company makes auto parts that are primarily supplied to the large American companies operating in Canada and the United States.
Political Connections
The firm is also known for its political connections, such as having former Premiers of Ontario of every stripe on its board as well as connections with numerous other former politicians. Some politicans who have had notable positions with Magna include Mike Harris and Brian Tobin. In 1988, Stronach ran as a candidate for parliament for the federal Liberal Party.
In 2003 the Ontario Progressive Conservative Party of Ernie Eves presented the provincial budget at a Magna plant leading to accusations that the government was violating centuries of parliamentary tradition. It is believed that this decision had a negative impact on the Progressive Conservatives in the next provincial election.
In 2004 Stronach's daughter and former company head Belinda Stronach ran for the leadership of the Conservative Party. While she failed in her bid for the leadership of the party she was elected in her riding in the 2004 federal election, and she remains one of the party's most prominent MPs.
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