STATISTICS
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About Frank Stronach
Frank Stronach is an industrialist, politician, investor, and horse racing mogul with an estimated net worth of $3 billion. Stronach founded the production line of Canada’s manufacturing parts maker Magna International an international automotive parts company headquartered in Aurora, Ontario, Canada. Stronach in 2016 was ranked by Canadian business as the 25th richest canadian in the country. In 2011, he entered Austrian politics and he founded the Stronach Institute to campaign for classical liberalism and against the Euro and in 2012, he founded the political party Team Stronach for Austria. Stronach reportedly owns 4% of Magna International which he has major voting rights over its shareholders since he is one of the largest shareholders of the company. Although he is an ex-chairman of the company he still holds a position as an investor in the company. Magna International has a market capital of over $18 billion today and is one of the largest manufactures in the world. It was in that year of 1956 when Stronach started his first business, Multimatic Investments Ltd., in the old manufacturing district of Toronto. In 1969, his firm acquired its first automotive parts contract and merged with Magna Electronics and then 4 years later in 1973, the name was converted from Multimatic Investments Ltd to Magna International Ltd which eventually went public on the stock exchange. Over the following decades, after several mergers and acquisitions, Magna gradually became the major force it is today with thousands of employees and revenues reported to have been $36.641 billion in 2014.