GUELPH, ON, Jan. 8, 2022 /CNW/ - It is with profound sadness
that the Board of Directors of Linamar Corporation announces the
passing of the Company's Founder, beloved leader and long-time
Executive Chairman, Frank
Hasenfratz. Mr. Hasenfratz passed away peacefully on
January 8th, 2022 at his home
surrounded by his family after a courageous battle with
cancer. He was 86 years old. The Corporation and its
26,000 employees extend their deepest sympathies to the Hasenfratz,
Newton and Stoddart families for their loss.
"It is with a heavy heart that we announce the passing of my
father, Frank Hasenfratz," said
Linamar CEO Linda Hasenfratz in a
statement. "It was his vision and unrelenting drive that enabled us
to build the company that Linamar is today. He leaves a tremendous
legacy on the Canadian business landscape, changed the lives of so
many, and provided careers, livelihoods and opportunities for
thousands of people. He inspired and taught so many, myself
most profoundly, and his spirit will live on in each of us as we
continue to build the legacy of Linamar."
Born in Hungary in 1935 and
immigrating to Canada in 1957
following the Hungarian Revolution, Frank
Hasenfratz is an inspiration for what can be achieved
through hard work, determination and the entrepreneurial
spirit. Frank began Linamar as a one-man operation in the
basement of his family home north of Guelph, Ontario in 1966. His toolmaking and
machinist experience along with his determination built the
foundation for what has become a globally recognized multinational
corporation that reflects his image and culture. Frank's
journey is the great Canadian success story.
Among his many accomplishments, Frank was honoured as the
Canadian Entrepreneur of the Year, inducted into the Canadian
Manufacturing Hall of Fame and the Canadian Business Hall of Fame,
and was appointed to the Order of Canada.
Frank was a generous supporter of the greater Guelph community that helped grow his company
and donated to numerous philanthropic causes including the Guelph
General Hospital, Western University,
St. Joseph's Foundation and of the
local performance arts.
Frank will most fondly be remembered in the halls and on the
production shop floor at Linamar Corporation where he mentored a
generation of manufacturing and business leaders. At Linamar,
we will continue to live by Frank's words to strive to continuously
improve, act quickly and decisively, set goals and track progress
and always "Do What We Do Best, Better".
Though his business accomplishments are unparalleled, Frank was
first and foremost a family man. He joins his late wife,
Margaret Hasenfratz, and leaves
behind his daughter Linda and son-in-law Ed and their four
children, as well as daughter Nancy and son-in-law
Mark.
As a matter of corporate governance related to the Executive
Chair position, the Board of Directors has a succession and renewal
plan in place which will be implemented in the coming weeks and
will be announced to shareholders and the public in due
course.
Funeral arrangements will be posted in the coming
days.
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 two operating segments – the Industrial
segment and the Mobility segment, both global leaders in
manufacturing solutions and world-class developers of highly
engineered products. The Industrial segment is comprised of Skyjack
and MacDon. Skyjack manufactures scissor, boom and telehandler
lifts for the aerial work platform industry. MacDon manufactures
combine draper headers and self-propelled windrowers for the
agricultural harvesting industry. The Mobility segment is
subdivided into three regional groups: North America, Europe and Asia
Pacific. Within the Mobility segment, the regional groups
are vertically integrated operations combining expertise in light
metal casting, forging, machining and assembly for both the global
electrified and traditionally powered vehicle markets. The Mobility
segment products are focused on both components and systems for new
energy powertrains, body and chassis, driveline, engine and
transmission systems of these vehicles. McLaren Engineering
provides design, development, and testing services for the Mobility
segment. Linamar has 26,000 employees in 60 manufacturing
locations, 12 R&D centres and 25 sales offices in 17 countries
in North and South America,
Europe and Asia which generated sales of $7.4 billion in 2019. 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 regarding Linamar set forth in this document
and oral summary, 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 and public health threats, may in turn
have a material adverse effect on the Company's financial results.
Please also refer to Linamar's most current Management's Discussion
and Analysis of Financial Condition and Results of Operations
("MD&A") and Annual Information Form ("AIF"), as replaced or
updated by any of Linamar's subsequent regulatory filings, which
set out the cautionary disclaimers, including the risk factors that
could cause actual events to differ materially from these indicated
by such forward looking statements. These documents are available
at www.linamar.com/investors. 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. Content is protected by copyright and
may not be reproduced or repurposed without express written consent
by the Company.
SOURCE Linamar Corporation