GUELPH, ON, Nov. 21, 2014 /CNW/ - (TSX: LNR)
Linamar Corporation and the minority shareholders of
Seissenschmidt AG ("Seissenschmidt") today signed a definitive
agreement for Linamar's purchase of the remaining 34% of the shares
of Seissenschmidt, which specializes in high volume hot forgings.
Seissenschmidt has 3 primary locations in Germany, Hungary, and the
United States. Linamar had previously announced that it had
signed a definitive agreement to acquire 66% of Seissenschmidt.
The acquisition of the remaining shares enables Linamar to fully
consolidate operations and control of Seissenschmidt creating a
more effective entity better positioned to execute on Linamar's
strategy of offering integrated metal forming/machined solutions to
its customers in certain targeted products such as gears.
"We are very pleased to be able to come to an agreement with the
remaining shareholders of Seissenschmidt for 100% ownership," said
Linda Hasenfratz, Linamar's CEO,
"This will allow us to more effectively integrate operations into
Linamar to allow us to really optimize our joint capabilites and
create meaningful market share growth."
The acquisition illustrates Linamar's focus on innovation in
manufacturing and advanced process capabilities and further its
strategies of globalization and diversification. The
acquisition of the 100% interest in Seissenschmidt is subject to,
among other things, further due diligence and regulatory
approval.
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 2
operating segments – the Powertrain/Driveline segment and the
Industrial segment which are further divided into 3 operating
groups – Machining & Assembly, Forging, and Skyjack, all world
leaders in the design, development and production of highly
engineered products. The Company's Machining & Assembly
and Forging operating groups focus on precision metallic
components, modules and systems for engine, transmission and
driveline systems designed for global vehicle and industrial
markets. The Company's Skyjack operating group is noted
for its innovative, high quality mobile industrial equipment,
notably its class-leading aerial work platforms and
telehandlers. With more than 19,000 employees in 45
manufacturing locations, 5 R&D centers and 15 sales offices in
14 countries in North and South
America, Europe and
Asia, Linamar generated sales of
$3.6 billion in 2013. For more
information about Linamar Corporation and its industry leading
products and services, visit www.linamar.com
SOURCE Linamar Corporation