GUELPH, ON, July 16, 2015 /CNW/ - (TSX: LNR). – Linamar
Corporation (TSX: LNR) today signed agreements with GF Automotive,
a division of Georg Fischer AG (SIX: FI-N), to support a strategy
in providing integrated Light Metal casting and machining solutions
to global customers.
Linamar Corporation and GF Automotive today agreed to cooperate
in North America, Europe, and Asia to provide integrated casting and
machining solutions to automotive, industrial, and commercial
customers. Linamar is a leading manufacturer of precision
forged and machined metallic components, modules, and systems for
engine, transmission, and driveline systems. GF Automotive is
a leading manufacturer of light-weight cast components and systems
for automotive and industrial applications. Together, the
parties will utilize combined resources and capabilities to
provide light-weight best-in-class solutions for large
powertrain, driveline and structural components.
Within their Global Partnership, Linamar and GF Automotive have
agreed to build a new jointly owned light metal foundry in the
southeastern United States. The
new jointly-owned entity named GF Linamar LLC will provide light
metal high-pressure die castings for powertrain, driveline and
structural components to the NAFTA market. The foundry is
scheduled to begin production mid-2017. In addition, Linamar plans
to offer machining services on site to provide optimal integrated
cast and machined solutions at the best value, design and quality
to our customers.
"We are very pleased with our progress in developing our global
light metal casting strategy. GF Automotive is a highly
respected technical leader in the market, well-known and positioned
in the powertrain, driveline and structural components market where
we both intend to grow significantly," stated Linda Hasenfratz, CEO of Linamar. "The
combined capabilities of Linamar and GF Automotive create a global
powerhouse in light metal products in key markets with the ability
to grow and support customers globally and gives Linamar the
opportunity to grow in structural body products in complement to
our strong powertrain business."
"GF and Linamar complement each other very well combining
leading expertise in casting respectively in machining," stated
Yves Serra, CEO of GF. "Our
cooperation allows both partners to offer integrated solutions to
their customers and for GF Automotive to expand its activities in
the promising North American market."
Both transactions are subject to normal course regulatory
approvals.
Linamar will hold a conference call on July 17, 2015 at 8:00 a.m.
EST to discuss this press release. The numbers for
this call are (647) 427-3383 (local/overseas) or (888) 424-9894
(North America) confirmation
number 87685865, with a call-in required 10 minutes prior to the
start of the conference call. The conference call will be
chaired by Linda Hasenfratz,
Linamar's Chief Executive Officer. A copy of this press
release will be available on the company's website after
6:30 p.m. EST on July 16, 2015 and at www.sedar.com by the start
of business on July 17, 2015. A
taped replay of the conference call will also be made available
starting at 10:00 a.m. on
July 17, 2015 for ten days. The
number for replay is (855) 859-2056, Conference ID 87685865.
The conference call can also be accessed by web cast at
www.linamar.com, by accessing the investor relations/events
menu.
Audio only streaming of the conference call available at
http://www.icastpro.ca/lin150717
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 and 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 19,500 employees in 48
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
$4.2 billion in 2014. For more
information about Linamar Corporation and its industry leading
products and services, visit www.linamar.com.
Georg Fischer is comprised of
three divisions including GF Piping Systems, GF Automotive, and GF
Machining Solutions. Founded in 1802, the corporation is
headquartered in Switzerland and
is present in 31 countries with 126 companies, 47 of them
production facilities. Its approximately 14,100 employees generated
sales of CHF 3.80 billion in 2014. GF
is the preferred partner of its customers for the safe transport of
liquids and gases, lightweight casting components in vehicles, and
high-precision manufacturing technologies.
SOURCE Linamar Corporation