Canada’s largest auto-parts suppliers took a financial hit from the prolonged General Motors Co. strike in the United States, according to financial results released this week.
“All things considered, our third-quarter earnings were relatively in line with our expectations,” Magna’s chief financial officer Vince Galifi said in a statement. Magna said its revenues were also dampened by higher-than-expected launch costs and impairment charges related to joint ventures at Getrag, a German transmission systems builder it bought in 2016.Linamar Corp., Canada’s second-largest auto-parts supplier, reported an impact of about $1 million per day from the GM strike, but its transportation sales edged up 0.5 per cent to $1.36 billion in the three months ended Sept. 30.
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