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Canada's Magna to cut jobs in Europe, U.S.: report

Chief Executive Officer for Magna International Inc. Donald Walker waits for the annual general meeting to start in Toronto May 10, 2012. RE
Chief Executive Officer for Magna International Inc. Donald Walker waits for the annual general meeting to start in Toronto May 10, 2012. RE

FRANKFURT (Reuters) - Canadian auto parts maker Magna International plans to cut jobs in Europe and the United States as it seeks to reduce costs and offset weak demand in Europe, Chief Executive Donald Walker told German magazine WirtschaftsWoche.

Magna, which also manufactures complete vehicles on a contract basis, has been pushing to turn around inefficient operations in Europe, where sales rose 2 percent in 2012, compared with a 10 percent increase in North America.

Magna needs new orders for its factory in the Austrian province of Styria and wants to facilitate getting those orders by cutting costs, Walker said.

(Reporting By Peter Dinkloh; editing by James Jukwey)

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