Linamar Corporation Announces the Completion of its Purchase of Three Automotive Components Businesses From Famer Group of Franc
February 15 2011 - 9:15AM
Marketwired
Linamar Corporation (TSX: LNR) announced today it has completed its
acquisition of the assets of the Famer Group, a privately-owned
French manufacturer of powertrain components for the off-highway
market. Details of the transaction were not disclosed.
"The acquisition of the Famer Group strengthens Linamar's
overall presence in Europe with a focus on the European commercial
vehicle and off-highway market," said Linda Hasenfratz, CEO,
Linamar Corporation. "We are pleased to add Famer's talented
workforce and advanced manufacturing capabilities to Linamar, and
we are excited about the opportunity to establish a Linamar
presence in France to support our strategy to grow with the French
OEM's in both the commercial vehicle and passenger car
markets."
Linamar acquired all three business units that comprise Famer
Group: Famer Industrie, which specializes in large engine component
machining, located in St. Romain in Gier; Famer Rivoire,
specializing in gear finishing technology, located in St. Etienne,
France; and Famer Transmission, focused on transmission component
manufacturing, located in Montfaucon. Under the terms of the
agreement, Linamar also will acquire the current Famer employees
and management team.
The Famer Group is a leading manufacturer of powertrain
components with a strong customer base. Linamar is a world leader
in the collaborative design, development and manufacture of
precision metallic components, modules and systems for global
vehicle and power generation markets.
The Famer acquisition adds approximately 300 employees to
Linamar's global operations along with approximately EUR50 million
in sales.
Linamar Corporation (TSX: LNR) is a diversified global
manufacturing company of highly engineered products powering
vehicles, motion, work and lives. The company is made up of 4 key
divisions - Manufacturing, Driveline, Industrial Commercial Energy
(ICE) and Skyjack, all world leaders in the design, development and
production of highly engineered products. The company's
Manufacturing and Driveline divisions focus on precision metallic
components, modules and systems for engine, transmission and
driveline systems designed for passenger vehicle markets. The ICE
group concentrates on similar products for on and off highway
vehicle, energy and other industrial markets. The company's Skyjack
division is noted for their innovative, high quality mobile
industrial equipment, notably its class-leading aerial work
platforms and telehandlers. With more than 12,500 employees in 39
manufacturing locations, 5 R&D centers and 13 sales offices in
11 countries in North America, Europe and Asia, Linamar generated
sales of more than $2.2 Billion in 2010. 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; the cost, timing and effectiveness of cost
reduction initiatives; 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 market, 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 Linda Hasenfratz (519) 836-7550
www.linamar.com
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