Magna Corporation was a publicly held company in
Flowood
Flowood is a city in Rankin County, Mississippi, United States. The population was 10,202 as of the 2020 census. A suburb of Jackson, Flowood is part of the Jackson Metropolitan Statistical Area, and is located northeast of the state capital.
...
,
Mississippi
Mississippi ( ) is a U.S. state, state in the Southeastern United States, Southeastern and Deep South regions of the United States. It borders Tennessee to the north, Alabama to the east, the Gulf of Mexico to the south, Louisiana to the s ...
, U.S.A. that served as a holding company. Its primary divisions were
Mississippi Steel and
Magna American. Mississippi Steel was Mississippi's first steel manufacturer beginning operations in 1957. Magna American built garden tillers and other items, as well as manufacturing the
Amphicat in
Raymond, Mississippi
Raymond is a city in Hinds County, Mississippi, United States. As of the 2010 census, the city population was 1,933; in 2020, its population was 1,960. Raymond is one of two county seats of Hinds County (along with Jackson) and is the home ...
.
In 1984 the company's President, Wesley A. Caldwell, Jr., resigned.
In 1985, the steel division was sold to Birmingham Steel Corporation for approximately 28 million dollars. Magna's controlling stockholders, the Caldwell family of Jackson, Mississippi, took the company private by distributing half the sale proceeds to the stockholders. The Magna American plant was mothballed, then donated to Hinds Community College in 1992.
In 1985, the United States
Securities and Exchange Commission
The United States Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street crash of 1929. Its primary purpose is to enforce laws against market m ...
sued former company president
Wesley A. Caldwell, Jr., of
Brandon, Mississippi
Brandon is a city in and the county seat of Rankin County, Mississippi, United States. It was incorporated on December 19, 1831. The population was 25,138 as of the 2020 census. A suburb of Jackson, Brandon is part of the Jackson Metropolitan ...
, claiming that he had received benefits from the company "without review and approval" and violated the Securities Exchange Act of 1934.
SEC News Digest, 07-31-1985
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References
Companies based in Mississippi
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