Linamar Announces New European Contract
June 22 2009 - 8:00AM
Marketwired
Linamar (TSX: LNR) announces that it has been awarded a multi-year
supply contract for certain driveline modules with a major European
auto manufacturer.
The start of production is scheduled for 2011. At anticipated
volumes and current exchange rates, Linamar expects annualized
sales associated with this program to be in excess of $200 million
(CDN) once the program reaches full production, which is expected
to occur in 2014.
"This is a transformational business win for our European group
testament to the dedication and focus of our team to realize our
Globalization and Diversification strategies," said Linamar CEO
Linda Hasenfratz. "It is also a huge win for our new driveline
systems businesses which are levering off a global focus on AWD
systems."
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 9,000 employees in 37
manufacturing locations, 5 R&D centers and 11 sales offices in
Canada, the US, Mexico, Germany, Hungary, the UK, China, Korea and
Japan Linamar generated sales of over $2.2 Billion in 2008. For
more information about Linamar Corporation and its industry leading
products and services, visitwww.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 (519) 836-7550 (519)
836-9175 (FAX) andrea.bowman@linamar.com www.linamar.com
Linamar (TSX:LNR)
Historical Stock Chart
From May 2024 to Jun 2024
Linamar (TSX:LNR)
Historical Stock Chart
From Jun 2023 to Jun 2024