GUELPH, ON, Sept. 16, 2021 /PRNewswire/ - Linamar Corporation
(TSX: LNR) today announced the formation of its eLIN Product
Solutions Group, which will focus on leveraging exciting
electrification opportunities for Linamar's products in its
Mobility and Industrial businesses, as well as future new
markets.
This announcement is a continuation of Linamar's innovation
strategy and a demonstration of its commitment to the
electrification transition gaining momentum globally. eLIN will
utilize McLaren Engineering's development and testing capabilities
and Linamar's global footprint to deliver eLIN products to the
market.
"Linamar has won billions of dollars of business in electrified
products which ramp up in the coming years and momentum continues
to build," said Jim Jarrell,
Linamar's President and COO. "Creating eLIN allows us to
lever our existing resources while focusing a team on innovating
exciting new electrified solutions for all of our customers in all
of our businesses".
The new eLIN group will focus on four key areas: Power
Generation, Power Storage, Propulsion Systems, and Structural &
Chassis offerings for electrified vehicles in all of Linamar's
businesses. Linamar's McLaren Engineering group has had significant
successes in electrifying products, including: developing e-axles
for Light Vehicles (LV) and Commercial Vehicles (CV), continued
development of hydrogen fuel storage tanks, expansion into battery
structures and EV subframes, electrification initiatives in our
Skyjack business, a strategic alliance with Ballard Power
Systems for the development of Fuel Cell Electric Vehicle (FCEV)
propulsion systems, and our advanced development project with Exro
Technologies leveraging their unique inverter technology with
Linamar's e-axle and gear box. Given these tremendous advancements,
we felt a dedicated group became necessary to accelerate and
deliver competitive electrified solutions to the markets Linamar
operates in both today and in the future.
"Electrification opportunities are not limited to our
Mobility groups, every market is looking for ways to drive more
sustainability in their products whether mobility, agriculture,
access and even medical devices," said Linda Hasenfratz, Linamar's CEO. "This
electrification-focused eLIN group is another great step for us in
delivering competitive innovative electrified products to markets
that are increasingly demanding electrified solutions.
Electrification is a key source of growth for Linamar, and we
believe eLIN will be a key driver of Linamar's success in
delivering advanced solutions. Our history in innovation with our
scale and manufacturing expertise points to a strong future for
eLIN to deliver value to our customers and stakeholders."
The group will focus on developing electrified product solutions
for all business lines, developing electrification strategies, and
winning new programs for existing plants and groups.
Linamar Corporation (TSX:LNR) is an advanced
manufacturing company where the intersection of leading-edge
technology and deep manufacturing expertise is creating solutions
that power vehicles, motion, work and lives for the future. The
Company is made up of two operating segments – the Industrial
segment and the Mobility segment, both global leaders in
manufacturing solutions and world-class developers of highly
engineered products. The Industrial segment is comprised of Skyjack
and MacDon. Skyjack manufactures scissor, boom and telehandler
lifts for the aerial work platform industry. MacDon manufactures
combine draper headers and self-propelled windrowers for the
agricultural harvesting industry. The Mobility segment is
subdivided into three regional groups: North America, Europe and Asia
Pacific. Within the Mobility segment, the regional groups
are vertically integrated operations combining expertise in light
metal casting, forging, machining and assembly for both the global
electrified and traditionally powered vehicle markets. The Mobility
segment products are focused on both components and systems for new
energy powertrains, body and chassis, driveline, engine and
transmission systems of these vehicles. McLaren Engineering
provides design, development, and testing services for the Mobility
segment. Linamar has 26,000 employees in 60 manufacturing
locations, 12 R&D centres and 25 sales offices in 17 countries
in North and South America,
Europe and Asia which generated sales of $7.4 billion in 2019. For more information about
Linamar Corporation and its industry leading products and services,
visit www.linamar.com or follow us on Twitter at @LinamarCorp.
Guelph, Ontario
September 16, 2021
Forward Looking Information, Risk and Uncertainties
Certain information regarding Linamar set forth in this document
and oral summary, 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 and public health threats, may in turn
have a material adverse effect on the Company's financial results.
Please also refer to Linamar's most current Management's Discussion
and Analysis of Financial Condition and Results of Operations
("MD&A") and Annual Information Form ("AIF"), as replaced or
updated by any of Linamar's subsequent regulatory filings, which
set out the cautionary disclaimers, including the risk factors that
could cause actual events to differ materially from these indicated
by such forward looking statements. These documents are available
at www.linamar.com/investors. 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. Content is protected by copyright and
may not be reproduced or repurposed without express written consent
by the Company.
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SOURCE Linamar Corporation