GUELPH, ONTARIO, Feb. 15, 2011 (Marketwire) --
Linamar Corporation (TSX:LNR) announced today it has completed its acquisition of the assets of the Famer Group, a privately-owned French manufacturer of powertrain components for the off-highway market. Details of the transaction were not disclosed.
"The acquisition of the Famer Group strengthens Linamar's overall presence in Europe with a focus on the European commercial vehicle and off-highway market," said Linda Hasenfratz, CEO, Linamar Corporation. "We are pleased to add Famer's talented workforce and advanced manufacturing capabilities to Linamar, and we are excited about the opportunity to establish a Linamar presence in France to support our strategy to grow with the French OEM's in both the commercial vehicle and passenger car markets."
Linamar acquired all three business units that comprise Famer Group: Famer Industrie, which specializes in large engine component machining, located in St. Romain in Gier; Famer Rivoire, specializing in gear finishing technology, located in St. Etienne, France; and Famer Transmission, focused on transmission component manufacturing, located in Montfaucon. Under the terms of the agreement, Linamar also will acquire the current Famer employees and management team.
The Famer Group is a leading manufacturer of powertrain components with a strong customer base. Linamar is a world leader in the collaborative design, development and manufacture of precision metallic components, modules and systems for global vehicle and power generation markets.
The Famer acquisition adds approximately 300 employees to Linamar's global operations along with approximately EUR50 million in sales.
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 4 key divisions - Manufacturing, Driveline, Industrial Commercial Energy (ICE) and Skyjack, all world leaders in the design, development and production of highly engineered products. The company's Manufacturing and Driveline divisions focus on precision metallic components, modules and systems for engine, transmission and driveline systems designed for passenger vehicle markets. The ICE group concentrates on similar products for on and off highway vehicle, energy and other industrial markets. The company's Skyjack division is noted for their innovative, high quality mobile industrial equipment, notably its class-leading aerial work platforms and telehandlers. With more than 12,500 employees in 39 manufacturing locations, 5 R&D centers and 13 sales offices in 11 countries in North America, Europe and Asia, Linamar generated sales of more than $2.2 Billion in 2010. For more information about Linamar Corporation and its industry leading products and services, visit www.linamar.com.
Certain information regarding Linamar set forth in this document, including management's assessment of the Company's future plans and operations may constitute forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results may differ materially from these anticipated in the forward-looking statements due to factors such as customer demand and timing of buying decisions; product mix; competitive products; the cost, timing and effectiveness of cost reduction initiatives; and pricing pressure. In addition, uncertainties and difficulties in domestic and foreign financial markets and economies could adversely affect demand from customers. These factors, as well as general market, economic and political conditions, may in turn have a material adverse effect on the Company's financial results. The Company 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.