June 1, 2007 -- Magna International has announced that its subsidiary Traer Manufacturing in Iowa, US, will lay off 150 people and stop operations in July 2008, The Associated Press has reported. Workforce reductions will begin in July this year. Magna has blamed the closure on a weakening US automotive industry. The company plans to place employees in other plants where possible.
Established in 1984, Traer manufactures components for transmissions, brake systems, structural supports and other stamped, assembled or machined products. General Motors, Ford and Nissan are some of its customers. Recently, Magna announced that its subsidiary Mega-Plas located in London, Ontario, will close at the end of August due to reduced sales. Mega-Plas has around 120 workers.
Source: Automotive World
Source: Factiva
