Linamar Announces Contract in Solar Energy Sector
April 28 2008 - 3:18PM
Marketwired
GUELPH, ONTARIO is pleased to announce the signing of a Letter
of Intent with Stirling Energy Systems ("SES") to develop and
produce Power Conversion Units (PCU) for use with SES's Sun Catcher
solar dish system.
The PCU utilizes external combustion engine technology to
convert solar thermal energy gathered in large solar dishes into
energy for input into the power grid in a highly efficient
manner.
"Linamar has a long history in power generation and transmission
products and we are excited about this latest venture into an
entirely new market," said Linamar CEO Linda Hasenfratz. "This
development and supply contract with SES allows us to further
diversify our product and market portfolio through related
technology and also tap into the growing market for Green
Technologies".
Linamar anticipates annual revenue of more than $100 million per
year from this multi year agreement. Production is expected to
start in the 2010/2011 timeframe.
The production location for the PCU has not yet been
finalized.
Linamar Corporation
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 and
power generation markets. The company's Industrial division is a
world leader in the design and production of innovative mobile
industrial equipment, notably its class-leading aerial work
platforms and telehandlers. 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 over $2.3 Billion in 2007. 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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