Linamar Corporation

Linamar Corporation

July 07, 2010 08:00 ET

Linamar Corporation Announces Lassco Plant Consultations

GUELPH, ONTARIO--(Marketwire - July 7, 2010) - Linamar Corporation (TSX:LNR) announced today that its Linamar Automotive Systems Swansea Company, located in Swansea, Wales will initiate consultations with the Unite trade union at the plant on proposals to cease manufacturing and transfer production elsewhere. Consultations on such proposals in the UK are typically for a 90 day period.

Today's announcement comes as a result of extensive review into the prospects of the operations located in Swansea. Regrettably, the review has concluded, subject to consultation, that there is no viable future for the operation.

Linda Hasenfratz, Linamar's Chief Executive Officer stated: "We deeply regret the impact that this decision will have on our employees, their families and the community. Linamar has pursued discussions on an ongoing basis relative to ensuring the facility was in a competitive position for the future. However, these discussions ultimately were not successful. It is our intention to start consultations immediately and we are committed to attempting to reach an arrangement that mitigates the impact of these job losses as best possible."

Linamar Corporation (TSX:LNR) is a diversified global manufacturing company of highly engineered products powering vehicles, motion, work and lives. 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 and power generation markets. The company's Industrial division is a world leader in the design and production of innovative mobile industrial equipment, notably its class-leading aerial work platforms and telehandlers. With close to 11,000 employees in 37 manufacturing locations, 5 R&D centers and 11 sales offices in Canada, the US, Mexico, Germany, Hungary, the UK, China, Korea and Japan, Linamar generated sales of close to $1.7 Billion in 2009. For more information about Linamar Corporation and its industry leading products and services, visit

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.

Contact Information

  • Linamar Corporation
    Andrea Bowman
    Media Relations
    (519) 836-7550 ext. 2007 or cell (519) 830-2611