Vienna  - Magna International is one of the world's leading suppliers of parts for the automobile industry. It has more 240 plants around the world and a total workforce of 74,000.

The Canada-based company, which has extensive operations in Austria, reported a turnover of 23.7 billion dollars last year and recorded a net profit of 70 million dollars.

In Germany, Magna operates 35 factories. But along with the rest of the industry, Magna International and its subsidiary Magna Europe have been badly hit by the slump in demand for cars triggered by the global economic meltdown.

The company was founded in 1969 by Frank Stronach, an Austrian who emigrated to Canada in the 1950s. It came about from a merger between Stronach's own car parts company and a Canadian manufacturer of electronics for the arms industry.

In the 1980s, Stronach returned to Austria where he invested around 1.5 billion dollars, gradually expanding his Magna Europe operation from its headquarters at Oberwaltersdorf near Vienna.

Today the company develops and makes parts for nearly all well-known automobile companies.

A subsidiary, Magna Steyr, assembles cars such as the Mercedes-Benz G Class and the BMW X3.

The crisis in the car industry forced Magna to shut one of its plants in the United States, resulting in the loss of 1,400 jobs. In Austria, thousands of employees have had to take salary cuts after being placed on short-time work. (dpa)