MEC's original parent company, Magna International Inc., is one of the most diversified automotive parts suppliers in the world. In 1999, Magna International Inc. entered into a series of transactions in order to separate its non-automotive businesses from its automotive businesses.
In November 1999, Magna International Inc. completed a reorganization of its corporate structure, under which its non-automotive businesses and certain real estate assets were transferred to MEC.
On March 10, 2000, Magna International Inc. distributed to its stockholders, by way of a special dividend, approximately 15.7 million shares comprised of MEC Class A Subordinate Voting Stock and Exchangeable Shares. This distribution launched MEC as a separate public company from Magna International Inc., with MEC shares traded on the Nasdaq National Market and The Toronto Stock Exchange.
On August 19, 2003, the shareholders of Magna International Inc. approved the spin off of its wholly-owned subsidiary, MI Developments Inc. As a result of the spin off transaction, MI Developments Inc. has acquired Magna International Inc.'s controlling interest in MEC.
MI Developments Inc. currently controls MEC through its ownership of MEC stock, although each company has its own board of directors and management team.