Magna International, an auto parts company based in Ontario, Canada, will invest $166 million in new facilities in the country with the largest payroll, Mexico. The investment will be in the northern city of Ramos Arizpe, Coahuila, the largest auto parts economy in the country, according to reports in the local Mexican press.
“Magna International will invest $166 million to install two more divisions in Ramos Arizpe, Coahuila, generating 700 jobs to manufacture electrical and structural parts for vehicles,” published the Mexican newspaper El Financiero.
Press reports did not specify when the new plant is scheduled to begin operations. Company data, seen by SteelOrbis, show that Mexico is the country with the largest payroll at Magna International with 29,650 people, slightly above the 29,150 employees in China and the 27,975 workers in the United States registered at the end of 2023.
The company has production plants in 27 countries with a payroll that exceeds 177,400 workers.
Data from the business chamber Industria Nacional de Autopartes (INA), Coahuila is the largest auto parts economy in Mexico with $18.5 billion in production value in 2023, a figure that represented 15.2 percent of the $121.2 billion of auto parts production in the country.