August 11, 2012 / 10:36 AM / 6 years ago

Magna founder to launch Austrian party - report

BERLIN (Reuters) - The founder of Magna International Inc, one of the world’s biggest auto-parts makers, plans to launch a political party in Austria in September, Deutsche Wirtschafts Nachrichten reported on Saturday, citing an interview.

Magna International Inc. Chairman Frank Stronach speaks at their Annual Meeting of Shareholders in Markham May 4, 2011. REUTERS/Adrien Veczan

“The key positions (in the party) have already been assigned, the programme has been agreed,” the publication quoted Frank Stronach, the company’s founder and honorary chairman, as saying.

Stronach, who immigrated to Canada in 1954, said his party would oppose patronage in Austrian politics and the euro, noting that the region could only function “if each country has its own currency.”

Canada-based Magna employs more than 102,000 people in 26 countries and paid Stronach about $900 million in 2010 to cede control of the company.

Reporting By Andreas Cremer; Editing by Robert Birsel

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