November 8, 2019 / 1:54 PM / 5 days ago

Auto parts maker Magna sees $500 million hit to sales from GM strike

(Reuters) - Canada’s auto parts maker Magna International Inc (MG.TO) on Friday said a labor strike at General Motors Co (GM.N), its biggest customer, will potentially reduce full-year sales by about $500 million.

The strike will also hit consolidated margins by about 30 basis points, Magna said on a post-earnings conference call.

Reporting by Ankit Ajmera in Bengaluru; Editing by Sriraj Kalluvila

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