GUELPH, ON, Nov. 21, 2014 /CNW/ - (TSX: LNR)
Linamar Corporation and the minority shareholders of Seissenschmidt AG ("Seissenschmidt") today signed a definitive agreement for Linamar's purchase of the remaining 34% of the shares of Seissenschmidt, which specializes in high volume hot forgings. Seissenschmidt has 3 primary locations in Germany, Hungary, and the United States. Linamar had previously announced that it had signed a definitive agreement to acquire 66% of Seissenschmidt.
The acquisition of the remaining shares enables Linamar to fully consolidate operations and control of Seissenschmidt creating a more effective entity better positioned to execute on Linamar's strategy of offering integrated metal forming/machined solutions to its customers in certain targeted products such as gears.
"We are very pleased to be able to come to an agreement with the remaining shareholders of Seissenschmidt for 100% ownership," said Linda Hasenfratz, Linamar's CEO, "This will allow us to more effectively integrate operations into Linamar to allow us to really optimize our joint capabilites and create meaningful market share growth."
The acquisition illustrates Linamar's focus on innovation in manufacturing and advanced process capabilities and further its strategies of globalization and diversification. The acquisition of the 100% interest in Seissenschmidt is subject to, among other things, further due diligence and regulatory approval.
Linamar Corporation (TSX:LNR) is a diversified global manufacturing Company of highly engineered products powering vehicles, motion, work and lives. The Company is made up of 2 operating segments – the Powertrain/Driveline segment and the Industrial segment which are further divided into 3 operating groups – Machining & Assembly, Forging, and Skyjack, all world leaders in the design, development and production of highly engineered products. The Company's Machining & Assembly and Forging operating groups focus on precision metallic components, modules and systems for engine, transmission and driveline systems designed for global vehicle and industrial markets. The Company's Skyjack operating group is noted for its innovative, high quality mobile industrial equipment, notably its class-leading aerial work platforms and telehandlers. With more than 19,000 employees in 45 manufacturing locations, 5 R&D centers and 15 sales offices in 14 countries in North and South America, Europe and Asia, Linamar generated sales of $3.6 billion in 2013. For more information about Linamar Corporation and its industry leading products and services, visit www.linamar.com
SOURCE: Linamar Corporation
For further information: Linda Hasenfratz at (519) 836-7550.