Linamar Announces the Acquisition of Volvo's Material Handling Equipment Business by Skyjack Inc, a Linamar Company
April 25 2008 - 3:50PM
Marketwired
GUELPH, ONTARIO today announced it has finalized its purchase
agreement and acquired Volvo's Material handling equipment business
based in Shippensburg, PA.
Early in March, Linamar announced it had an interest in
acquiring Volvo's material handling equipment business by entering
into discussions relating to the purchase of selected assets of
Volvo's Material Handling Equipment (MHE) Business purchase
agreement.
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.
"We are very pleased to see this important deal come to
completion," said Linda Hasenfratz, CEO of Linamar Corporation.
"The product diversification brought to us by this acquisition is a
critical element in our strategy to continue to grow our Skyjack
division despite tough economic times."
Skyjack will be moving the assets from their current location in
Shippensburg to a yet to be determined site.
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 Andrea Bowman Investor Relations
(519) 836-7550 Website: www.linamar.com
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