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Magna to invest $470 million for expansion in Ontario

IAA MOBILITY 2021 show in Munich

(Reuters) - Magna International Inc said on Wednesday it was investing more than $470 million to expand its operations across Ontario, Canada, as it looks to increase its presence across the province.

The expansion includes a 490,000-square-foot factory in Brampton that will be used to make battery enclosures for electric vehicles, including the Ford F-150 Lightning.

Auto suppliers are jostling to meet the requirements of automakers, which are investing billions of dollars in developing electric vehicles.

"We're putting Ontario back on the map as we build up Ontario's electric vehicle supply chain from mining to manufacturing," Ontario Premier Doug Ford said.

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In an effort to bolster its portfolio of self-driving technology, Magna agreed to buy Veoneer Active Safety business in December for $1.53 billion in cash.

Magna, which has 49 manufacturing facilities throughout Canada, is expanding in Guelph, Belleville, Newmarket, Windsor, and Penetanguishene and will add 1,000 new jobs to Ontario, the Canadian auto parts maker said on Wednesday.

Magna said it had received $23.6 million in grants from the Ontario government to support its expansion.

(Reporting by Kannaki Deka in Bengaluru; Editing by Anil D'Silva)