Magna joins other Canadian companies in idling Russian operations over Ukraine war

Magna joins other Canadian companies in idling Russian operations over Ukraine war

TORONTO — Magna International Inc. is joining other Canadian companies in idling its Russian operations following the country’s invasion of Ukraine.

Spokeswoman Tracy Fuerst says the Aurora, Ont.-based auto parts manufacturer is “deeply concerned with the very unfortunate situation in Ukraine.”

Magna has six plants in Russia and about 2,500 employees.

Although it doesn’t have facilities in Ukraine, Magna says thousands of Ukrainians work in its global operations, along with Russians the company says share the same values of human rights, diversity and inclusion.

Magna also says it is making a significant donation to the UN Refugee Agency and will match employee contributions.

The action comes a day after Kinross Gold Corp. said it was suspending all activities at its Udinsk development project in Far East Russia and is in the process of suspending operations at its Kupol mine.

This report by The Canadian Press was first published March 3, 2022.

Companies in this story: (TSX:MRE, TSX:K)

The Canadian Press

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