Telford factory owner Magna International sees sales hit record £7.25bn
Magna International, the Canadian car parts giant which has a new factory in Telford, has notched up record third quarter sales figures.
The company raked in sales of £7.25 billion in the three months to the end of September, taking its total revenues for the year to £21.8 billion.
The latest sales figure represents a seven per cent spike compared with the third quarter of 2016.
It came as European car production increased eight per cent, while in North America production figures fell by seven per cent compared with the same period a year before.
Complete vehicle assembly sales increased 55 per cent in the quarter, mainly because the company started work on the BMW 5-Series at its assembly facility in Graz, Austria, following the end of production of the Mini Countryman and Paceman in 2016.
Chief executive Don Walker said: "I'm pleased with our overall performance as we posted record third quarter results.
"Magna remains well-positioned to benefit from the shift toward electrification, autonomy, and vehicle light-weighting."
He added: "Our product breadth combined with complete vehicle design and engineering capabilities uniquely positions Magna to be a supplier of solutions."
While the sales figures soared to a record high, profits were down.
Adjusted earnings before interest and tax fell by three per cent to £527 million. In the year-to-date the figure is four per cent ahead at £1.75 billion.
Magna's subsidiary Cosma Castings is creating 300 jobs in Telford with the opening of a new castings factory in the town to support Jaguar Land Rover, while the company also owns pressings manufacturer Stadco, which has operations in Shrewsbury, Telford and Llanfyllin.
