Magna says no new plants for Canada, cites Ontario energy costs

Ontario energy, pension costs a concern, the company says.

Dana Flavelle — Toronto Star — May 8, 2014

Magna International Inc. says it has no plans to open any new plants in Canada despite a lower dollar, chief executive officer Don Walker says.

The nearly 10 per cent decline in the Canadian dollar relative to the U.S. greenback has helped make the Aurora-based global auto parts supplier more cost competitive, Walker told the company’s annual general meeting Thursday.

But the company said it’s concerned about Ontario’s industrial electricity rates and proposed pension plan, along with the future of its auto assembly plants.

“I’m worried about electricity prices in Ontario, where all of our plants are located,” Walker told a press conference…