Linamar Corporation Announces Repatriation of Hungarian Forint
January 22 2008 - 3:57PM
Marketwired
GUELPH, ONTARIO today announced the repatriation of funds held
in escrow in Hungary intended for the repurchase of shares of
Linamar Hungary NYRT. Linamar announced it was making an offer to
purchase all of the outstanding ordinary shares of Linamar Hungary
NYRT in February of 2007. The offer expired in May 2007.
Volatility in global currency markets had resulted in the
company realizing non cash gains and losses intermittently
throughout 2007. Repatriation of the money back to Canada into
Canadian dollars removes this noise from the company's P&L.
The money was repatriated at the same exchange rate at which it
was placed in escrow.
Linamar Corporation (TSX: LNR) is a diversified global
manufacturing company of highly engineered products. The company's
Powertrain and Driveline focused divisions are world leaders in the
collaborative design, development and manufacture of precision
metallic components, modules and systems for global vehicle
markets. The company's Industrial division is a world leader in the
design and production of innovative mobile industrial products,
notably its class-leading aerial work platforms. With more than
12,000 employees in 38 manufacturing locations, 5 R&D centers
and 9 sales offices in Canada, the US, Mexico, Germany, Hungary,
China, Korea and Japan Linamar generated sales of close to $2.3
Billion in 2006. For more information about Linamar Corporation and
its industry leading products and services, visit
www.linamar.com.
Certain information regarding Linamar set forth in this
document, including management's assessment of the Company's future
plans and operations may constitute forward-looking statements.
This information is based on current expectations that are subject
to significant risks and uncertainties that are difficult to
predict. Actual results may differ materially from these
anticipated in the forward-looking statements due to factors such
as customer demand and timing of buying decisions; product mix;
competitive products; the cost, timing and effectiveness of cost
reduction initiatives; and pricing pressure. In addition,
uncertainties and difficulties in domestic and foreign financial
markets and economies could adversely affect demand from customers.
These factors, as well as general market, economic and political
conditions, may in turn have a material adverse effect on the
Company's financial results. The Company assumes no obligation to
update the forward-looking statements, or to update the reasons why
actual results could differ from those reflected in the
forward-looking statements.
Contacts: Linamar Corporation Crystal Roberts (519) 836-7550
ext. 2009 (519) 824-8479 (FAX) Email: crystal.roberts@linamar.com
Website: www.linamar.com
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