Magna Corporation
Magna Corporation was a Mississippi-based holding company whose principal businesses included a steel manufacturer and a maker of garden equipment and recreational vehicles.
Last updated August 31, 2026
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History
Magna Corporation was a publicly held holding company headquartered in Flowood, Mississippi. Its corporate structure brought together two principal divisions: Mississippi Steel and Magna American. The available historical account presents Magna as a diversified industrial business rather than as a conventional branded-goods company. Mississippi Steel began operations in 1957 and was described as Mississippi's first steel manufacturer. Through this division, Magna participated in steel production and regional heavy industry. The division represented the company's core materials and manufacturing activity and was distinct from Magna American, which focused on smaller equipment and recreational products. Magna American manufactured garden tillers and other items. Its operations also included production of the Amphicat, an amphibious all-terrain vehicle, at a plant in Raymond, Mississippi. The Amphicat connected the company with the recreational vehicle market, while the garden equipment business gave Magna American an agricultural and consumer-equipment dimension. A leadership change occurred in 1984 when company president Wesley A. Caldwell, Jr., resigned. The following year brought a more consequential corporate restructuring. In 1985, Magna sold Mississippi Steel to Birmingham Steel Corporation for approximately $28 million. The company's controlling stockholders, members of the Caldwell family of Jackson, Mississippi, subsequently took Magna private. Half of the proceeds from the steel sale were distributed to stockholders. This transaction removed Magna's principal steel operation and altered its ownership status from public to private. The remaining Magna American manufacturing operation was later mothballed. In 1992, its plant was donated to Hinds Community College. The donation ended the facility's identified role as an operating Magna manufacturing site and transferred it to an educational institution. The supplied historical sources do not describe later corporate operations, a formal dissolution, a successor organization, or a continuing brand program. Accordingly, Magna Corporation's current status cannot be confirmed from the available material. The company and its former leadership also appear in a securities-enforcement context. In 1985, the United States Securities and Exchange Commission brought suit against former president Wesley A. Caldwell, Jr., of Brandon, Mississippi. The allegations concerned benefits he had allegedly received from the company without review and approval and asserted violations of the Securities Exchange Act of 1934. The available source does not state the eventual outcome of the litigation.
- 1992
Magna American plant was donated to Hinds Community College
[1]The previously mothballed Magna American plant in Mississippi was donated to Hinds Community College.
- 1985
Mississippi Steel was sold
[1]Magna sold Mississippi Steel to Birmingham Steel Corporation for approximately $28 million.
- 1985
The Caldwell family took Magna private
[1]Following the steel-divison sale, Magna's controlling Caldwell-family shareholders took the company private and distributed half of the proceeds to stockholders.
- 1984
President Wesley A. Caldwell, Jr. resigned
[1]Wesley A. Caldwell, Jr. resigned as president of Magna Corporation.
- 1957
Mississippi Steel began operations
[1]Mississippi Steel began operating and became identified as Mississippi's first steel manufacturer.
Products and positioning
A diversified regional industrial holding company spanning steel production, garden equipment, and specialized recreational vehicles.
Steel manufacturing · 1957
Mississippi Steel
Mississippi Steel was Magna Corporation's steel-manufacturing division. It began operations in 1957 and was recognized as Mississippi's first steel manufacturer. The division formed the company's principal heavy-industrial business until its sale to Birmingham Steel Corporation in 1985.
Garden and agricultural equipment
Garden tillers and other equipment
Magna American manufactured garden tillers and other equipment. These products represented the division's garden and agricultural-equipment business and complemented its production of specialized recreational vehicles.
Amphibious all-terrain vehicle
Amphicat
The Amphicat was an amphibious all-terrain recreational vehicle manufactured by Magna American at the company's Raymond, Mississippi, facility. It was one of the best-known named products associated with Magna American in the available historical record.
Controversies
1985
SEC lawsuit involving Wesley A. Caldwell, Jr.
The United States Securities and Exchange Commission sued former Magna president Wesley A. Caldwell, Jr. The allegations stated that he had received company benefits without review and approval and had violated the Securities Exchange Act of 1934. The supplied source does not report the final resolution.
Brand decisions
1992
Donation of the Magna American plantStrategyBackground
The Magna American plant had been mothballed after the company's manufacturing operations were reduced.
Action taken
The facility was donated to Hinds Community College.
Aftermath
The site passed from private industrial ownership to an educational institution. Later corporate operations are not established in the supplied material.
1985
Sale of Mississippi Steel to Birmingham Steel CorporationM&ABackground
Mississippi Steel was Magna Corporation's principal steel-manufacturing division and had operated since 1957.
Action taken
Magna sold the division to Birmingham Steel Corporation for approximately $28 million.
Aftermath
The Caldwell family's controlling shareholders took Magna private after the sale, and half of the proceeds were distributed to stockholders.
Sale price. Approximately $28 million transaction value (1985)
Recent events
Magna announces majority stake acquisition in Hongli Zhixin seating venture[2]
Reported:
Magna signed agreements to expand its existing joint venture with Hongli Zhixin and acquire a majority stake; the transaction was planned for completion in early 2021.
Magna wins six 2019 General Motors supplier awards[3]
Reported:
Magna won six awards at General Motors' annual supplier awards ceremony, including Supplier of the Year awards for several product areas and an Innovation Award for its FREEFORM seat-cover technology.
- Unconfirmed
Sony reveals Vision-S prototype electric car[4]
Reported:
Sony revealed its Vision-S prototype electric car at CES 2020. The vehicle was developed with multiple partners and featured 33 sensors, according to the article.
Sources4 sources
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