GUELPH, ON, Jan. 18, 2022 /CNW/ - Linamar Corporation (TSX:
LNR) today released insights regarding the market activity observed
during Q4 2021, as well as commented on other recent industry
developments. The comments provide updates on the latest
available industry conditions in the key Access, Agriculture and
Automotive markets in which it operates.
A presentation deck highlighting the details is available and
has been posted to Linamar's website today at
www.linamar.com/investors under the section titled Reports,
Presentations and Public Filings, or directly through the following
link
https://www.linamar.com/wp-content/uploads/2022/01/Q4-2021-Mid-Quarter-Market-Update.pdf.
In summary, markets are largely in line with what was expected
at the Q3 2021 release, but supply chain and labour availability
constraints have further deteriorated, impacting both revenue and
margins materially negatively, most notably in the industrial
segment.
In conjunction with the market update, following the recent
passing of Frank Hasenfratz, Founder
and Executive Chair of Linamar Corporation, the Board of Directors
of Linamar Corporation wish to announce that Linda Hasenfratz, Chief Executive Officer of
Linamar, has been elected Executive Chair of the Board of
Directors. Linda will assume the title and responsibilities of
Executive Chair in addition to her role as CEO. Additionally,
Jim Jarrell, President and Chief
Operating Officer of Linamar, has been appointed as a Director of
the Corporation, until an election of directors can be held at the
2022 Annual General Shareholders' Meeting. These appointments are
effective immediately.
When making these announcements, Terry
Reidel, Chair of the Human Resource and Governance
Committee, had the following comments:
"Linda has been mentored by Frank her entire life and
professional career. We are confident in her ability to assume the
responsibilities of Executive Chair and keep the company focused to
execute its strategy and achieve its goals. There is no better
candidate to succeed Frank."
"Jim has been with Linamar for over 30 years and as the Chief
Operating Officer of Linamar since 1999, working closely with both
Linda and Frank. He is a key leader of the company and will help
ensure that Linamar, its management team and its Board are able to
smoothly transition and keep the company operating
effectively."
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. In addition to the recently formed eLIN Product Solutions
Group that focuses on Electrification, 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.
SOURCE Linamar Corporation