Linamar Announces Skyjack's Offer to Purchase Volvo's Material Handling Equipment Business
March 05 2008 - 5:00PM
Marketwired
GUELPH, ONTARIO , today announced that Volvo Construction
Equipment has accepted Skyjack's offer to pursue the parties'
discussions relating to the purchase of selected assets of Volvo's
Material Handling Equipment (MHE) Business. Volvo recently acquired
this business from Ingersoll-Rand as a part of an April 2007 Road
Machinery acquisition.
Skyjack is interested in the Volvo Material Handling Equipment
business as it complements the acquisition of Carelift Equipment
completed in August of 2007. This acquisition would further expand
Skyjack's Telehandler product offering, add a Rough Terrain
Straight Mast Fork Lift product and provide additional
manufacturing capacity to further the company's growth
potential.
"The addition of Volvo's Material Handling Equipment business
would provide products to complement our premium Zoom Boom
telehandler brand," said Linda Hasenfratz, Linamar Corporation CEO.
"This will allow us to bring our products to a broader group of
customers."
Skyjack would anticipate moving the Volvo assets to Ontario to
consolidate with its existing telehandler business.
The proposed transaction is subject to, among other things, the
parties reaching a definitive agreement, and further due
diligence.
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 37 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 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 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 Communications
Manager (519) 836-7550 (519) 824-8479 (FAX) Website:
www.linamar.com
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