GUELPH, ON, July 16, 2015 /CNW/ - (TSX: LNR). – Linamar Corporation (TSX: LNR) today signed agreements with GF Automotive, a division of Georg Fischer AG (SIX: FI-N), to support a strategy in providing integrated Light Metal casting and machining solutions to global customers.
Linamar Corporation and GF Automotive today agreed to cooperate in North America, Europe, and Asia to provide integrated casting and machining solutions to automotive, industrial, and commercial customers. Linamar is a leading manufacturer of precision forged and machined metallic components, modules, and systems for engine, transmission, and driveline systems. GF Automotive is a leading manufacturer of light-weight cast components and systems for automotive and industrial applications. Together, the parties will utilize combined resources and capabilities to provide light-weight best-in-class solutions for large powertrain, driveline and structural components.
Within their Global Partnership, Linamar and GF Automotive have agreed to build a new jointly owned light metal foundry in the southeastern United States. The new jointly-owned entity named GF Linamar LLC will provide light metal high-pressure die castings for powertrain, driveline and structural components to the NAFTA market. The foundry is scheduled to begin production mid-2017. In addition, Linamar plans to offer machining services on site to provide optimal integrated cast and machined solutions at the best value, design and quality to our customers.
"We are very pleased with our progress in developing our global light metal casting strategy. GF Automotive is a highly respected technical leader in the market, well-known and positioned in the powertrain, driveline and structural components market where we both intend to grow significantly," stated Linda Hasenfratz, CEO of Linamar. "The combined capabilities of Linamar and GF Automotive create a global powerhouse in light metal products in key markets with the ability to grow and support customers globally and gives Linamar the opportunity to grow in structural body products in complement to our strong powertrain business."
"GF and Linamar complement each other very well combining leading expertise in casting respectively in machining," stated Yves Serra, CEO of GF. "Our cooperation allows both partners to offer integrated solutions to their customers and for GF Automotive to expand its activities in the promising North American market."
Both transactions are subject to normal course regulatory approvals.
Linamar will hold a conference call on July 17, 2015 at 8:00 a.m. EST to discuss this press release. The numbers for this call are (647) 427-3383 (local/overseas) or (888) 424-9894 (North America) confirmation number 87685865, with a call-in required 10 minutes prior to the start of the conference call. The conference call will be chaired by Linda Hasenfratz, Linamar's Chief Executive Officer. A copy of this press release will be available on the company's website after 6:30 p.m. EST on July 16, 2015 and at www.sedar.com by the start of business on July 17, 2015. A taped replay of the conference call will also be made available starting at 10:00 a.m. on July 17, 2015 for ten days. The number for replay is (855) 859-2056, Conference ID 87685865. The conference call can also be accessed by web cast at www.linamar.com, by accessing the investor relations/events menu.
Audio only streaming of the conference call available at http://www.icastpro.ca/lin150717
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 2 operating segments – the Powertrain/Driveline segment and the Industrial segment, which are further divided into 3 operating groups – Machining & Assembly, Forging, and Skyjack, all world leaders in the design, development and production of highly engineered products. The Company's Machining and Assembly and Forging operating groups focus on precision metallic components, modules and systems for engine, transmission and driveline systems designed for global vehicle and industrial markets. The Company's Skyjack operating group is noted for its innovative, high quality mobile industrial equipment, notably its class-leading aerial work platforms and telehandlers. With more than 19,500 employees in 48 manufacturing locations, 5 R&D centers and 15 sales offices in 14 countries in North and South America, Europe and Asia, Linamar generated sales of $4.2 billion in 2014. For more information about Linamar Corporation and its industry leading products and services, visit www.linamar.com.
Georg Fischer is comprised of three divisions including GF Piping Systems, GF Automotive, and GF Machining Solutions. Founded in 1802, the corporation is headquartered in Switzerland and is present in 31 countries with 126 companies, 47 of them production facilities. Its approximately 14,100 employees generated sales of CHF 3.80 billion in 2014. GF is the preferred partner of its customers for the safe transport of liquids and gases, lightweight casting components in vehicles, and high-precision manufacturing technologies.
SOURCE Linamar Corporation