04:29:11 EDT Fri 04 Jul 2025
Enter Symbol
or Name
USA
CA



Martinrea International Inc
Symbol MRE
Shares Issued 72,787,848
Close 2025-06-10 C$ 8.55
Market Cap C$ 622,336,100
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Globe says defence biz seen heading Magna, rivals way

2025-06-11 08:28 ET - In the News

See In the News (C-MG) Magna International Inc

The Globe and Mail reports in its Wednesday, June 11, edition that Canada's auto sector can aid the federal government's $9.3-billion defence plan, according to Industry Minister Melanie Joly. The Globe's Eric Atkins writes that Prime Minister Mark Carney announced that Canada will meet its NATO commitment to spend 2 per cent of GDP on military this fiscal year. Ms. Joly highlighted the industry's potential to support Canada's defence objectives, despite challenges from U.S. tariffs. Ms. Joly told reporters at the Automotive Parts Manufacturers' Association's annual meeting: "We are in a wartime cabinet right now. We must build our defence capacity." Ms. Joly did not provide specifics but said she will have talks with various industries, including autos, steel, aluminum and artificial intelligence. She pointed to General Motors' Oshawa operations, which have made military vehicles based on existing truck platforms. APMA president Flavio Volpe said defence spending is welcome but is no substitute for the passenger-vehicle manufacturing that has sustained the domestic sector for more than 100 years. Military manufacturing involves different engineering tolerances, regulations and markets, he said.

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