GUELPH,
ON, July 7, 2022 /CNW/ - Linamar Corporation
(TSX: LNR) today released insights regarding the market activity
observed during Q2 2022, 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
Mobility markets in which it operates. The commentary on the
following slides is an update to the Q2 market outlook which was
shared during our Q1 Earnings Call on May
11, 2022.
Highlights:
- In the Mobility segment:
-
- Q2 global light vehicle production forecast decreased by
1.04M units and 2022 full-year
forecast revised down by 265,000 units
-
- Downgrade primarily concentrated in Asia Pacific as a direct result of COVID
lockdowns in China as expected.
North America and Europe are relatively unchanged from the time
of our last Outlook
- Majority of volume loss in Q2 expected to be recovered in
H2
- In the Industrial segment:
Agriculture
- The Salford acquisition closed
June 1, 2022, adding to sales in Q2
and H2 2022
- North America combine retails
down 11% Q2 QTD (2 months April-May), driven primarily by supply
side constraints
Access Market
- AWP global market down 7% Q2 QTD (2 months April-May), largely
due to COVID lockdowns in China
- North American and Europe/Middle
East/Africa markets are up
vs prior year
- In overall markets:
-
- Markets generally in line with expectations, some additional
softness on the industrial side
- Supply chain constraints continue to impact our ability to ship
to meet market demand as well as costs in terms of both commodity
pricing and logistics
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/2022/07/Q2-2022-Mid-Quarter-Market-Update.pdf.
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, MacDon and Salford. 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. Salford also supplies the agriculture market
with farm tillage and crop fertilizer applicator equipment. 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's recently
announced medical solutions group, Linamar MedTech, focuses on
manufacturing solutions for Medical Devices and Precision Medical
Components. Linamar has 26,550 employees in 65 manufacturing
locations, 14 R&D centres and 28 sales offices in 17 countries
in North and South America,
Europe and Asia, which generated sales of $6.5 billion in 2021. For more information about
Linamar Corporation and its industry-leading products and services,
visit www.linamar.com or follow us on our social media
channels.
SOURCE Linamar Corporation