GUELPH, ONTARIO--(Marketwire - Jan. 22, 2008) - Linamar Corporation (TSX:LNR) today announced the repatriation of funds held in escrow in Hungary intended for the repurchase of shares of Linamar Hungary NYRT. Linamar announced it was making an offer to purchase all of the outstanding ordinary shares of Linamar Hungary NYRT in February of 2007. The offer expired in May 2007.
Volatility in global currency markets had resulted in the company realizing non cash gains and losses intermittently throughout 2007. Repatriation of the money back to Canada into Canadian dollars removes this noise from the company's P&L.
The money was repatriated at the same exchange rate at which it was placed in escrow.
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 more than 12,000 employees in 38 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 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.
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