Worldwide parts maker Magna add jobs in Muncie IN
A $15.5 million investment will create 50 jobs
By Rick Yencer
MUNCIE, INDIANA - Magna International continues to grow in stock value on the Toronto Stock Exchange and just reached it one million vehicle production mark for German Premium OEM.
Locally, Magna Powertrain is making a $15.5 million investment in its local plants and adding 50 more jobs to its 400 employee workforce.
It is an economic engine that is recognized by the Indiana Chamber of Commerce and lauded by local economic development interests seeing auto and durable goods parts manufacturing swell in 2014.
Terry Murphy, vice president of the Muncie-Delaware County Economic Development Alliance talked about the expansion this week when local government approved tax breaks for parts maker.
Magna will see a $543,000 tax break from new equipment purchased to expand parts production.
Steve Brand, plant manager, said there had been a steady bump in parts orders. The plants at the south Industria Centre conservatively produce about 35,000 parts a day.
The extra workers will come on in late 2014 and in 2015.
Magna is a global auto supplier with 315 manufacturing operations and 82 product development, engineering sales and centers in 29 countries.
This month, the company got approval from the TSX to increase its maximum number of common shares that may be purchase under its normal course issuer bid from 12 million to 20 million.
And its German company, Magna Steyr, just reached one million vehicles produced for BMW Group Magna Steyr is principal manufacturing and engineer partner on the BMW X3, MINI Countryman and MINI Paceman.
The Magna plant locally has been operating since 2005.