GUELPH, ON, Dec. 10, 2019 /CNW/ - Linamar Corporation
(TSX:LNR) today announced that it has entered into an exclusive
Strategic Manufacturing Agreement with Synaptive Medical Inc.
("Synaptive") to manufacture Synaptive's patented Modus V™ and
Evry™ products. Concurrently with this Agreement, Linamar also
announced a $USD 5 million equity investment in Synaptive. Terms of
the investment were not disclosed.
Today's announcement closely aligns with Linamar's innovation
and diversification strategy by bringing significant value to an
innovative early stage company for mutual growth. The deal
leverages Linamar's manufacturing expertise and infrastructure,
design for manufacturing capabilities, and supply chain management
expertise to allow for rapid commercialization of Synaptive's
products. Further, the transaction allows Linamar to participate as
both a shareholder and manufacturer in the rapidly growing and
dynamic medical device and biotech market. Linamar initially plans
to incubate the manufacturing of Synaptive's products at the
Linamar Innovation Hub in Guelph,
Ontario.
Modus V™ is a fully automated, hands-free, robotically
controlled digital microscope with advanced visualization that
supports a wide range of surgical approaches and workflows. Modus V
can be operated comfortably and efficiently because the robotic arm
is driven by tracked instrumentation that automatically maneuvers a
digital microscope to desired viewing angles. With an optimal
standoff distance and a minimal profile in the operative field,
Modus V™ offers a large working area. Its enhanced optics provide a
larger field of view, a higher depth of field and more natural
color reproduction to ensure that surgeons have a clear view of
critical anatomical structures at all times and also allows for
much shorter surgery times thanks to the elimination of the need to
manually adjust the microscope.
Evry™ is a head-only magnetic resonance imaging (MRI) system
developed to improve access to MRI in critical and acute
situations. Through careful design decisions, Evry is intended to
support point-of-care MR imaging by overcoming the many challenges
of cost effectiveness and workflow optimization associated with
conventional MRIs, specifically by eliminating the need for costly
helium refills, installation of quench pipes and by reducing high
construction costs. Evry has been designed in an attempt to reduce
costs for install and to run meaning hospitals can install the
units in previously inaccessible areas such as the ICU, Emergency
Room or the Operating Room. Evry has been carefully designed to
overcome many of the challenges of cost effectiveness, and workflow
optimization to support point-of-care MR imaging. Please contact
Synaptive Medical for the regulatory clearance status.
"I am very pleased to announce this manufacturing agreement and
investment with Synaptive," said Linda
Hasenfratz, Linamar's CEO. "This strategic partnership is a
great first step for us into the opportunistic medical and biotech
market, given the growing and aging population and the ongoing
demand for new, innovative and cost effective solutions to our
growing medical needs. Synaptive is truly a global innovation
leader in the medical marketplace and we are excited to embark on
this partnership with them."
"At Synaptive Medical, we recognize the importance of scaling
manufacturing processes in surgical planning and navigation," said
Cameron Piron, Synaptive President
and Chief Strategy Officer. "We are extremely excited about this
agreement with Linamar Corporation, a demonstrated leader in device
technology manufacturing, marking the advancement of Synaptive's
manufacturing efforts as we work to develop innovative technologies
for surgeons worldwide."
Synaptive Medical Inc., a Toronto-based medical device and technology
company, designs hardware and software technologies that cross
traditional barriers in hospitals and improve patient care in and
beyond the operating room. Synaptive's Modus V™ and integrated
BrightMatter™ solutions—including surgical planning, navigation and
visualization, and an informatics platform—give leading clinicians
and healthcare systems the information they need to ensure the best
possible outcomes for patients and their Evry MR Imaging technology
is intended to bring lower cost imaging to the point of care.
Linamar Corporation (TSX:LNR) is an advanced manufacturing
company where the intersection of leading edge technology and deep
manufacturing expertise is creating solutions that power vehicles,
motion, work and lives for the future. The Company is made up of 2
operating segments – the Industrial segment and the Transportation
segment, which are further divided into 5 operating groups –
Skyjack, Agriculture, Machining & Assembly, Light Metal Casting
and Forging, all world leaders in the design, development and
production of highly engineered products. The Company's Skyjack and
MacDon companies are noted for their innovative, high quality
mobile industrial and harvesting equipment, notably class-leading
aerial work platforms, telehandlers, draper headers and
self-propelled windrowers. The Company's Machining & Assembly,
Light Metal Casting and Forging operating groups focus on precision
metallic components, modules and systems for powertrain, driveline
and body systems designed for global electrified and traditionally
powered vehicle and industrial markets. Linamar has 27,000
employees in 61 manufacturing locations, 10 R&D centres and 25
sales offices in 17 countries in North and South America, Europe and Asia which generated sales of $7.6 billion in 2018. For more information about
Linamar Corporation and its industry leading products and services,
visit www.linamar.com or follow us on Twitter at @LinamarCorp.
Forward Looking Information, Risk and Uncertainties
Certain information provided by Linamar in this press release,
MD&A, the consolidated financial statements and other documents
published throughout the year which are not recitation of
historical facts may constitute forward-looking statements. The
words "may", "would", "could", "will", "likely", "estimate",
"believe", "expect", "plan", "forecast" and similar expressions are
intended to identify forward looking statements. Readers are
cautioned that such statements are only predictions and the actual
events or results may differ materially. In evaluating such
forward-looking statements, readers should specifically consider
the various factors that could cause actual events or results to
differ materially from those indicated by such forward-looking
statements.
Such forward-looking information may involve important risks and
uncertainties that could materially alter results in the future
from those expressed or implied in any forward-looking statements
made by, or on behalf of, Linamar. Some of the factors and risks
and uncertainties that cause results to differ from current
expectations include, but are not limited to, changes in the
competitive environment in which Linamar operates, OEM outsourcing
and insourcing; sources and availability of raw materials; labour
markets and dependence on key personnel; dependence on certain
customers and product programs; technological change in the sectors
in which the Company operates and by Linamar's competitors; delays
in or operational issues with product launches; foreign currency
risk; long-term contracts that are not guaranteed; acquisition and
expansion risk; foreign business risk; cyclicality and seasonality;
capital and liquidity risk; legal proceedings and insurance
coverage; credit risk; emission standards; tax laws; securities
laws compliance and corporate governance standards; fluctuations in
interest rates; environmental emissions and safety regulations;
trade and labour disruptions; world political events; pricing
concessions to customers; and governmental, environmental and
regulatory policies.
The foregoing is not an exhaustive list of the factors that may
affect Linamar's forwarding looking statements. These and other
factors should be considered carefully and readers should not place
undue reliance on Linamar's forward-looking statements. Linamar
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.
SOURCE Linamar Corporation