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
For further information: regarding this release please contact Linda Hasenfratz at (519) 836-7550.