Magna has announced a solid start to the year with Q1 2015 sales of US$8.3bn. Although this represents a decline of 7% compared to Q1 2014, the exclusion of foreign currency impact shows an increase of 3%. The weakening of certain currencies against the US dollar, in particular the euro and the Canadian dollar, impacted sales by approximately US$880m compared to the first quarter of 2014.
This year's Q1 saw Magna announce the sale of its interiors operations to Grupo Antolin for US$525m. Speaking during an earnings call to discuss the latest earnings results, Don Walker, Chief Executive of Magna, explained that this transaction is “consistent with the strategy that we have been communicating for some time now.” This strategy revolves around the refining of its product portfolio to focus on specific key areas of the vehicle.
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