GUELPH, ONTARIO--(Marketwire - April 25, 2008) - Skyjack Inc., a Linamar Company (TSX:LNR) today announced it has finalized its purchase agreement and acquired Volvo's Material handling equipment business based in Shippensburg, PA.
Early in March, Linamar announced it had an interest in acquiring Volvo's material handling equipment business by entering into discussions relating to the purchase of selected assets of Volvo's Material Handling Equipment (MHE) Business purchase agreement.
Skyjack is interested in the Volvo Material Handling Equipment business as it complements the acquisition of Carelift Equipment completed in August of 2007. This acquisition would further expand Skyjack's Telehandler product offering, add a Rough Terrain Straight Mast Fork Lift product and provide additional manufacturing capacity to further the company's growth potential.
"We are very pleased to see this important deal come to completion," said Linda Hasenfratz, CEO of Linamar Corporation. "The product diversification brought to us by this acquisition is a critical element in our strategy to continue to grow our Skyjack division despite tough economic times."
Skyjack will be moving the assets from their current location in Shippensburg to a yet to be determined site.
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 37 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.
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