Linamar Corporation Acquires New Springboard Into Europe
July 07 2008 - 1:20PM
Marketwired
GUELPH, ONTARIO announces its acquisition of new automotive
manufacturing facility, former Visteon plant in Swansea, Wales,
United Kingdom (UK). This facility is Linamar's first foray into
manufacturing operations in the UK, and is the sister plant of the
Company's recently acquired Power Transfer Units (PTU) business in
Nuevo Laredo, Mexico.
"The facility in Wales offers Linamar deeper market share of our
PTU business as well as increased critical mass and content per
vehicle in Europe," said Linamar's chief executive officer, Linda
Hasenfratz. "The location gives Linamar a new springboard into
Europe; particularly for engine-related components and modules,
given its engine-focused history."
The plan for the approximately 200,000 square-foot facility is
to build the business by introducing new products such as
camshafts, fly wheels and connecting rods. The scope of the
business may expand to additional engine components. Linamar
intends to make a substantial investment to modernize the plant and
update production equipment to take the business forward.
The acquisition includes the addition of 400 skilled employees
to the Linamar family. The employees of the historically engine
focused facility are the cornerstone of the investment. Swansea
plant has a strong skilled workforce with a wide breadth of
knowledge and experience in the manufacture of driveline and engine
systems.
"The Welsh Assembly Government has worked closely with the
Linamar Corporation both in Canada and the UK in order to secure
the long term future of the former Visteon Swansea facility," said
Ieuan Wyn Jones, Wale's Minister for the Economy and Transport.
"Attracting investment from an extremely successful global
manufacturing company of the calibre of Linamar is good news for
Wales and for the long term future of the former Visteon Swansea
facility."
"We are pleased to have reached this positive outcome for the
Swansea plant," said Donald J Stebbins, Visteon's president and
chief executive officer. "This sale is the result of our efforts to
ensure a viable future for the plant as part of a leading driveline
and PTU supplier."
Linamar now operates 38 manufacturing facilities globally,
including four other manufacturing facilities in Western Europe,
one in Germany and three in Hungary. This acquisition creates our
5th plant in Europe, our 3rd engine focused facility.
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 38
manufacturing locations, 5 R&D centers and 9 sales offices in
Canada, the US, Mexico, Germany, Hungary, the UK, 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 Crystal Roberts, Corporate
Communications Manager (519) 836-7550 ext. 2009 After hours contact
via Blackberry crystal.roberts@linamar.com Website:
www.linamar.com
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