The global automotive supplier has just recently decided to stay put, with the lease for the Aurora HQ extended.
It seems Magna International isn't quite ready to leave the luxurious confines of its current headquarters in Aurora, Ontario. The global automotive supplier was set to relocate to nearby King City by the end of 2017, but has just recently decided to stay put, with the lease for the Aurora HQ instead being extended to 2022.
According to a statement by the company in early October to the Globe and Mail, it seems the reason for the change of heart is that it "provides Magna an opportunity to monitor the macro-economic conditions impacting the automotive industry and to continue evaluating our future needs."
It's no secret that the automotive world, like many industries these days, is in a constant state of flux, with many changes happening a rapid pace. It seems as if that was one of the big reasons the company wouldn't commit to the new home in King City, Ontario.
Magna may be based in Ontario, but it has employees throughout the world, with over 152,000 employees spread across 29 countries.
In addition, the extra time will allow Granite, the holding company that owns Magna's Aurora headquarters, to find a new tenant in the posh building that Magna currently uses. What's clear is that Magna has no intention to stay in Aurora permanently. The move is coming, but it will just happen a few years later than original intended.
This bodes well for the town of Aurora, which is said to benefit from Magna's presence in several ways, from employing residents, to philanthropy, to building "(Aurora's) brand as a community," says Anthony Lerullo, Aurora's Manager of Strategic Planning, to The Auroran.
In the meantime, Magna will continue paying rent on its current home, which when combined with two other properties it rents from Granite in southern Ontario, comes to a cool $6.5 million per year. That number is sure to make whatever you're paying for your home or office seem like a bargain in comparison.
Magna may be based in Ontario, but it has employees throughout the world, with over 152,000 employees spread across 29 countries. Besides providing automotive parts to car companies that include General Motors, Fiat-Chrysler, Ford, and BMW, it also assembles some vehicles, including the Chrysler 300, Mini Countryman, and soon the 2017 BMW 5 Series.