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2006-08-26 News Headlines

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Magna announces purchase of Magna Golf Club

Automotive systems manufacturer Magna International has announced that it has purchased the Magna Golf Club located in Aurora, Ontario.

Magna International Inc. ("Magna") (TSX: MG.A, MG.B; NYSE: MGA) announces that it has purchased the Magna Golf Club located in Aurora, Ontario from a subsidiary of Magna Entertainment Corp. ("MEC") for proceeds of approximately $50 million CDN, subject to various closing and other adjustments.

The transaction was reviewed by a Special Committee of, and subsequently approved by the independent members of, Magna's Board of Directors.

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Magna Golf Club, Aurora, Ontario. Click Go for larger image.

Magna Golf Club is one of the most beautiful, well-manicured courses in Ontario. As one of Canada’s most exclusive private golf clubs, opened in the year 2000, it is an 18 hole golf course located in the Metropolitan Toronto area.

Magna International, the most diversified automotive supplier in the world, designs, develops and manufactures automotive systems, assemblies, modules and components, and engineers and assembles complete vehicles, primarily for sale to original equipment manufacturers of cars and light trucks in North America, Europe, Asia and South America. Magna's capabilities include the design, engineering, testing and manufacture of automotive interior and closures systems; metal body and structural systems; exterior and interior mirror and engineered glass systems; exterior systems including front and rear end modules, plastic body panels, exterior trim and other systems; various powertrain and drivetrain systems; as well as complete vehicle engineering and assembly.

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Read a recent press release about - 'Sale of the commercial grounds care line confirms Jacobsen's focus on its professional turf business, including golf course, sports turf and municipal grounds equipment.'

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