November 26, 2018 / 8:19 PM / 2 years ago

BUZZ-Auto supplier Martinrea slumps on GM Oshawa plant closure

** Shares of Canadian auto-parts maker down 6.2 pct at $11.12 after General Motors Co announced the closure of its Oshawa plant in Ontario

** Following GM’s announcement, MRE’s exec chairman says co to shut Ajax plant that supplies to GM’s Oshawa plant

** The closure of the Ajax plant will result in loss of 77 jobs - exec chairman

** MRE’s rivals Magna International Inc and Linamar Corp which were down around 6 pct after the announcement, pared some of its losses; MG up 1.4 pct and LNR up marginally

** GM’s announcement came as a surprise to governments and employees, who walked off the job in protest; GM is shifting its focus to electric and autonomous vehicles

** Up to Friday’s close, MRE’s stock had fallen 26 pct YTD (Reporting by Laharee Chatterjee in Bengaluru)

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