GUELPH, ONTARIO--(Marketwire - Jan. 29, 2008) - Linamar Corporation (TSX:LNR) ("Linamar" or the "Company") announced today that the Toronto Stock Exchange ("TSX") has accepted Linamar's notice of intention to renew its normal course issuer bid (the "Notice") in respect of common shares of the Company. The Notice will enable Linamar to acquire up to 5,084,699 of its outstanding common shares pursuant to the normal course issuer bid, representing 10% of the public float as at January 24, 2008. The price that Linamar will pay for any such shares will be the market price of the common shares on the TSX at the time of acquisition. Common shares purchased under the bid will be cancelled. Daily purchases will be limited to 51,020 common shares, other than block purchase exceptions.
Linamar's current normal course issuer bid for its common shares will expire on January 30, 2008. As of January 28, 2008, Linamar had purchased, at an average price of $14.85 per share, 14,000 of the 5,083,839 common shares approved for purchase under such bid.
Purchases under the renewed bid may commence on January 31, 2008 and will end on January 30, 2009 or on such earlier date as Linamar may complete its purchases pursuant to the Notice or provides notice of termination of the bid.
All purchases will be made through the facilities and in accordance with the requirements of the TSX. Linamar believes that the purchase of its common shares from time to time under the normal course issuer bid is in the best interests of the Company and represents a desirable use of the Company's funds.
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 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Chief Executive Officer
(519) 836-9175 (FAX) (FAX)
Edward (Ted) A. Mahood, CA
Chief Financial Officer
(519) 836-9175 (FAX)