Frank Stronach, born Franz Strohsack, emigrated aged 22 as a tool-maker from his home in Styria to Canada and there, in 1957, founded the company Multimatic Investments Limited, a tool manufacturing plant, which later also produced car parts. In 1969, Magna International Inc. was formed by a merger.
His management philosophy, Fair Enterprises, which was introduced as early as 1971, is famous. According to this, each employee at Magna shares in and benefits personally from the profits.
Today, Magna employees approximately 90,000 people across more than 320 companies. They produce vehicle systems including car components, locking and seating systems, autobody parts, chassis frames and much more.
His completely unique life is littered with awards. These include Stronach's acceptance to the Canadian Manufacturing Hall of Fame in 2006, receiving the Joseph Schumpeter Award for Innovation in Economics, Politics and Trade in 2010 and the Gold Medal with Star for Services to the Republic of Austria, the most important state honour currently awarded in Austria.
On 22 November 2004, the Technical University of Graz named Frank Stronach as an Honorary Professor in Business Management for special achievements in the sector.
Frank Stronach is married to Elfriede Stronach (nee Sallmutter). They have two children together. In 1966, they had a daughter, Belinda and in 1968, their son, Andrew, was born.
In 2010, Stronach decided to give up the business he founded and to concentrate on other projects.