Magna International Corporation:

An automotive parts factory in Traer will close next year, costing the eastern Iowa town about 150 jobs, company officials said. Traer Manufacturing will begin laying off workers soon, according to Magna International Corp., Traer's parent company based in Ontario, Canada. Magna issued a statement recently, blaming the closure on a weakening U.S. auto industry. Traer, located about 25 miles south of Waterloo, has about 1,500 people, according to census figures.