Auto parts manufacturer Magna International Inc. has announced it will be ceasing production at two if its plants in Ontario, Canada. The two plants are located in Aurora and Newmarket and both employee over 850 people. The closure comes as a direct result of the financial crisis, decreased product demand, and trouble in the auto industry. The good thing is that Magna will help employees by moving jobs to other operations and help employees find employment in related companies. People who will be laid off will be given a severance package. In Q3 ended Sept 30, the company announced sales of $5.5 billion (9% decline year over year) and reported a net operating loss of $112 million and a net loss of $215 million from the Ontario plants. Magna also stated reported complete vehicle assembly volumes in Q3 have declined by 40% to 25,231 units. The complete report can be found here in PDF format.