GUELPH, ONTARIO--(Marketwire - Aug. 22, 2007) - Skyjack Inc., a Linamar Company (TSX:LNR) today announced it has finalized its purchase agreement and acquired telehandler manufacturer Carelift Equipment Limited based in Breslau, Ontario.
Earlier this month, Linamar announced it had an interest in acquiring the Carelift business by signing a purchase agreement. The deal to acquire Carelift, a local telehandler business was signed today.
The Carelift business complements Linamar's Skyjack business, which currently produces aerial work platforms for the industrial market. This acquisition allows the company to capitalize on a new model of aerial work platforms, the ZoomBoom. The telehandlers will enhance Linamar's industrial business, Skyjack Inc., an already successful brand for the company, popular for its scissor lifts and recently launched boom lifts.
"We are thrilled to add Carelift to our portfolio and build on the success we have had in the industrial market," said Linda Hasenfratz, Linamar CEO. "We have seen tremendous growth in demand for our Skyjack products and feel there is great sales potential in leveraging our existing expertise to add a new model to our already successful line of aerial work platforms."
Linamar will continue the current lease on the existing Carelift site in Breslau, Ontario at 5111 Fountain St. N, and retain the company's existing 60 employees. The long term plan is to accommodate the telehandler business at Skyjack, as it will be structured under Linamar's industrial group and managed by the Skyjack team. Financial details regarding the transaction will be reviewed on our next quarterly conference call in November.
Carelift designs and builds durable, dependable rough terrain forklifts. The telehandler product has advanced reach and can reach heights from 32 to 56 feet. Additionally, CareLift products are well regarded in the industry for high quality and reliability, which aligns with Skyjack's existing product design principles.
Linamar Corporation (TSX:LNR) is a diversified global manufacturing company of highly engineered products. The company's Powertrain and Driveline focused divisions are world leaders in the collaborative design, development and manufacture of precision metallic components, modules and systems for global vehicle markets. The company's Industrial division is a world leader in the design and production of innovative mobile industrial products, notably its class-leading aerial work platforms. With close to 11,000 employees in 36 manufacturing locations, 5 R&D centers and 9 sales offices in Canada, the US, Mexico, Germany, Hungary, China, Korea and Japan Linamar generated sales of close to $2.3 Billion in 2006. 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 regulatory review of the Corporation's offer for Linamar Hungary shares described above, the trading price of Linamar Hungary shares, the number of Linamar Hungary shares tendered to the Corporation's offer, the satisfaction of the closing conditions under the Corporation's offer, customer demand and timing of buying decisions, product mix, competitive products 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 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.
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