Magna Withdraws Outlook and Produces Health Supplies in Response to COVID-19

Canadian automotive component supplier Magna updated its current actions responding COVID-19. The company reported withdrawal of its business outlook for 2020 and mentioned that it is helping to source and produce health care supplies and equipment to combat the coronavirus epidemic.

Magna noted that a number of its OEM customers, particularly in North America and Europe, have initiated production downtime or have reduced production rates. It is uncertain whether OEMs will extend production downtime or further lower production rates as circumstances evolve. While specific production schedules for its operations vary by location and customer, many Magna facilities have reduced or suspended operations for reasons related to the COVID-19 pandemic, including as a result of government-ordered restrictions.

Following an extended period of production downtime in February, Magna’s operations in China continue to ramp up along with the overall local industry. While business activity continues to increase, it remains below the production levels anticipated earlier this year.

Given the high degree of business uncertainty caused by COVID-19, the company decided to withdraw the outlook and said that a general business update will be provided with its 1Q20 results.

Magna is also working creatively to produce critically-needed supplies and equipment such as masks for the health care sector. The masks will be delivered to local hospitals and health care authorities.

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