GUELPH,
ON, Nov. 1, 2023 /CNW/ - Linamar Corporation
(TSX: LNR) today announced that its previously announced
acquisition of Mobex has been completed. The deal was
initially announced on September
21st for Linamar Structures USA Inc.to acquire a substantial porition of
Mobex Fourth and 1, LLC's US-based assets for $64M USD.
Mobex is a Tier 1 supplier of automotive components. The assets
acquired consist of manufacturing operations for
propulsion-agnostic chassis and suspension modules and components,
such as steering knuckles, control arms and subframes. The Mobex
facilities will be integrated into Linamar's growing Structures
Group.
Linda Hasenfratz, Linamar
Executive Chair and CEO commented "We are thrilled to have
completed a second strategic acquisiton this year. The Mobex
operations join our Linamar Structures Group, now over $1 Billion in annual sales, along with the three
new EV battery enclosures facilities acquired last quarter from
Dura-Shiloh. We are building an impressive electrified and
propulsion-agnostic portfolio of Structural & Chassis products
that greatly increases our vehicle content potential for the future
regardless of the propulsion system chosen by the market. This an
important strategy giving us flexibility and mitigating risk."
Linamar management will immediately begin integration activities
to accelerate the business optimization plan and to better support
the needs of key customers.
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 focused on propulsion systems, structural and
chassis systems, energy storage and power generation for both the
global electrified and traditionally powered vehicle markets, and
is subdivided into three regional groups and one global product
group: North America, Europe, Asia
Pacific and the newly formed Structures Group. The Regional
Mobility groups are vertically integrated operations combining
expertise in light metal casting, forging, machining and assembly.
The Linamar Structures Group offers competitive lightweight
innovations for safety-critical components and systems for the
global mobility market. In addition, the eLIN Product Solutions
Group focuses on Electrification and McLaren Engineering provides
design, development, and testing services for the Mobility segment.
Linamar's medical solutions group, Linamar MedTech, focuses on
manufacturing solutions for medical devices and precision medical
components. Linamar has over 31,000 employees in 70 manufacturing
locations, 14 R&D centres and 28 sales offices in 19 countries
in North and South America,
Europe and Asia, which generated sales of more than
$7.9 billion in 2022. 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.
To the extent any forward-looking statement in this press
release constitutes "future-oriented financial information" or
"financial outlooks" within the meaning of applicable Canadian
securities laws, such information is being provided to demonstrate
the anticipated results and the reader is cautioned that this
information may not be appropriate for any other purpose and the
reader should not place undue reliance on such future-oriented
financial information and financial outlooks. Future-oriented
financial information and financial outlooks, as with
forward-looking statements generally, are, without limitation,
based on the assumptions and subject to risks. The Company's actual
financial position and results of operations may differ materially
from management's current expectations. Any future-oriented
financial information and financial outlooks used herein is neither
audited nor reviewed. Where possible, the information has been
constructed by management from available audited or audit reviewed
financial statements. Where no audited or audit reviewed
information has been available, additional management accounting
information has been utilized to construct the financial
information. The targets set forth in the future-oriented financial
information, and the related assumptions, involve known and unknown
risks and uncertainties that may cause actual results to differ
materially. While Linamar believes there is a reasonable basis for
these targets, such targets may not be met. Accordingly, do not
place undue reliance on any future-oriented financial information
or financial outlooks.
SOURCE Linamar Corporation