Business
Linamar to Acquire Propulsion-Agnostic Business from Mobex
Linamar to Acquire Propulsion-Agnostic Business from Mobex Canada NewsWire ...
About this update from Linamar Corporation
[{"type":"text","content":"\n \n \n \n Linamar to Acquire Propulsion-Agnostic Business from Mobex\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n GUELPH, ON\n \n \n ,\n \n \n Sept. 21, 2023\n \n \n /CNW/ - Linamar Corporation (TSX: LNR) announced today that its subsidiary Linamar Structures\n \n USA\n \n (\n \n Michigan\n \n ), Inc. has reached a definitive agreement with Mobex Fourth and 1, LLC, and certain of its affiliates to acquire a substantial portion of its US-based assets for\n \n $70M USD\n \n cash consideration, subject to customary adjustments. The transaction is subject to customary consents and regulatory approvals and is expected to close in mid-Q4 2023.\n \n \n \n \n \n \n \n \n \n Mobex is a Tier 1 supplier of automotive components. The assets to be acquired by Linamar Structures consist of manufacturing operations for propulsion-agnostic chassis and suspension modules and components, such as steering knuckles, control arms and subframes. The Mobex facilities will be integrated into Linamar's growing Structures Group.\n \n \n The acquired business, under the management of Linamar Structures, will bolster Linamar's position as a leading supplier of propulsion-agnostic solutions that can be supplied to BEV, Hybrid and Internal Combustion-powered vehicle applications alike.\n \n \n \"We are very pleased to announce this acquisition, the latest step in building our revenue profile for non-ICE dependent products in alignment with our overall Mobility Structures and Chassis strategy.,\" said\n \n Linda Hasenfratz\n \n , Executive Chair and CEO. \"The addition of the sales from this business takes our EV and propulsion-agnostic business to nearly 60% of our total Mobility sales in just a couple of years, a great way for us to stay flexible in a shifting marketplace.\"\n \n \n The transaction is expected to be accretive soon after acquisition.\n \n \n \"We are excited about this latest business acquisition and the capabilities it gives us for growing our Structures and Chassis business\", said\n \n Jim Jarrell\n \n , Linamar President a...