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Frank Stronach in 1991. (Edward Regan/The Globe and Mail/Edward Regan/The Globe and Mail)
Frank Stronach in 1991. (Edward Regan/The Globe and Mail/Edward Regan/The Globe and Mail)

Timeline

Frank Stronach's industrious history Add to ...

1932 Frank Stronach born in Austria.

1954 Immigrates to Canada.

1957 Forms one-man tool-and-die company, Accurate Tool & Die, in a Toronto garage. First-year sales: $70,000 (Canadian).

1959 Company receives its first auto parts contract, with General Motors, for metal-stamped sun-visor brackets.

1960 Second plant opens in Richmond Hill, Ont.

1965 Canada and the United States sign the auto pact.

1969 Company merges with Magna Electronics Corp. Ltd., a publicly traded aerospace, defence and industrial components manufacturer with annual sales $4.5-million (U.S.).

1971 Mr. Stronach becomes chairman of Magna.

1972 Magna opens its first U.S. division, in Iowa.

1973 Magna Electronics Corp. Ltd. changes name to Magna International Inc.

1981 Magna sells its aerospace and defence operations.

1986 Mr. Stronach founds Magna Europa.

1988 Mr. Stronach is defeated in York-Simcoe riding in the federal election.

1989 Magna co-designs and co-develops the integrated child-safety seat.

1990-91 Magna restructures; sells non-strategic operating divisions.

1992 Magna lists on the New York Stock Exchange.

1996 Mr. Stronach is inducted into the Canadian Business Hall of Fame.

1998 Magna acquires Steyr-Daimler-Puch, one of the world's leading automotive technology and engineering companies, gaining the ability to make complete vehicles.

1999 Forbes magazine names Magna the world's top auto parts company; annual sales hit $9.3-billion; Mr. Stronach named a member of the Order of Canada

2000 Racetrack operator Magna Entertainment Corp. spun off as separate company; one of Mr. Stronach's horses wins the Preakness Stakes; Mr. Stronach wins his third Eclipse Award for Outstanding Owner.

2001 Belinda Stronach appointed CEO of Magna

2003 MI Developments Inc. spun off as separate public company

2005 Mr. Stronach and Magna International announce plans to build "Magnaville," a model community for people displaced by Hurricane Katrina; the name is later changed to "Canadaville."

2007 Russian billionaire Oleg Deripaska announces $1.54-billion (U.S.) investment in Magna, arranged with Mr. Stronach in a deal they codename Project Pearl.

2007 Mr. Stronach signs ground-breaking deal allowing Canadian Auto Workers' Buzz Hargrove to organize approximately 18,000 workers at about 60 Magna factories in Canada. The workers will not have the right to strike.

2007 New York equity firm Cerberus Capital Management LP buys Chrysler from DaimlerChrysler AG, topping Magna International's $5-billion bid (made with partners Toronto-based Onex Corp. and Blackstone Group).

2008 Magna announces development of an electric vehicle; becomes the largest automotive parts supplier in North America with annual sales of $23.7-billion.

2008 Mr. Deripaska, crippled by global financial crisis, is forced to hand over his stake in Magna to his banks after a margin call, returning full control to Mr. Stronach.

2009 Magna-led bid for Adam Opel GmbH falls apart after General Motors Co. reverses decision to sell a majority stake in its battered European subsidiary.

2010 Mr. Stronach sells more than two million Magna International Inc. shares, cutting his stake in the company to about 6.4 per cent, after receiving nine million common shares in Magna and $300-million in cash as part of a controversial $860-million buyout of the multiple-voting shares through which he had controlled the company since 1978.

2011 Mr. Stronach takes over MI Developments' horse racing assets and $20-million (U.S.) in working capital in return for giving up the multiple-voting shares with which he has controlled the company since it went public in 2003. This should be 2011 because the deal hasn't closed yet.,

2011 Mr. Stronach ends chairmanship of Magna

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