Business Career
In 1956, 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. In 1973, the name was converted from Multimatic Investments Ltd to Magna International Ltd. Over the following decades, after several mergers and acquisitions, his business gradually became the major force it is today. Even though Stronach was part of the labour movement in the 1970s and 1980s, he is well known for his opposition to trade union representation for his employees.
Stronach, who is currently the non-executive chairman of Magna International, holds multiple-voting shares of the company, which gives him majority voting power over issues brought to shareholder vote. Although he controls the voting power among Magna's shareholders, Stronach owns only 4% of Magna's equity. His pay packages over the past few years have been between $30 and 50 million CAD.
Stronach is also the founder of Frank's Energy Drink.
He has been purchasing land near Gainesville, Florida for a large cattle ranch (Adena Springs Ranch), abattoir,. and upscale property development including a first class golf course built around abandoned limestone mines just north of Ocala, Florida.
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