Magna Corporation was a publicly held company in Flowood,

Mississippi Mississippi () is a state in the Southeastern region of the United States, bordered to the north by Tennessee; to the east by Alabama; to the south by the Gulf of Mexico; to the southwest by Louisiana; and to the northwest by Arkansas. Miss ...

, 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 The Amphicat is a six-wheel-drive, skid steer amphibious all-terrain vehicle invented in Spain by José Artés de Arcos, manufactured in the late 1960s through the early 1970s by Mobility Unlimited Inc. of Auburn Hills, Michigan. The product l ...

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 of the ...

. 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 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 21,705 at the 2010 census. Brandon is part of the Jackson Metropolitan Statistical Area, and is l ...

, 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 {{US-manufacturing-company-stub