Linamar Corporation · TSX:LNR

Linamar — Q2 2018 Earnings Presentation

85 slides from Linamar's earnings presentation, August 2018

Slide 1: Q2 2018 Investor Presentation
Q2 2018 Investor Presentation Linamar Corporation August 2018
Slide 2: Forward Looking Information, Risk and Uncertainties
Forward Looking Information, Risk and Uncertainties Certain information regarding Linamar set forth in this presentation and oral summary, including managements assessment of the Company’s future plans and operations may constitute forward-looking statements. This information is based on current exp
Slide 3: Company Overview
Company Overview
Slide 4: Linamar – A Global Powerhouse in Diversified Manufacturing
Linamar – A Global Powerhouse in Diversified Manufacturing 2017 SALES: $6,546.5M ↑ 9.0% 2018 Q2 YTD SALES: 4,051.4M ↑ 18.4% Normalized NE1– ATS: $551.5M (8.4%) ↑ 9.4% Normalized NE1– ATS YTD: $346.9M (8.6%) ↑ 10.9% Diversified Manufactured Products that Power Vehicles, Motion, Work and Lives 28,700
Slide 5: Core Capabilities
Core Capabilities MACHINING & ASSEMBLY FORGING LIGHT METAL CASTING METAL FORMING  CNC Expertise  Hatebur High Speed Hot  Gravity & Low Pressure  Laser cutting  Complex Assemblies Horizontal Forging Aluminum Die Casting  Metal Forming  Advanced Automation  Conventional Vertical Forging  High
Slide 6: Key Products
Key Products Transportation Industrial Engine Transmission Body & Structural Driveline © Linamar Corporation 6
Slide 7: Scope of Operations & Market Concentration
Scope of Operations & Market Concentration Q2 YTD 2018 Transportation 74.1% Industrial 25.9% PRODUCTS Engine | Transmission | Driveline | Body Mobile Industrial Equipment | Fabricated Assemblies AUTOMOTIVE OFF-HIGHWAY COMMERCIAL VEHICLE ACCESS MARKETS 66.6% 2.2% 3.6% 17.6% ENERGY, HEAVY MACHINING, M
Slide 8: Global Presence
Global Presence 24 CANADA 24 UNITED KINGDOM 1 GERMANY 7 HUNGARY 4 CHINA 4 USA 6 MEXICO 5 49 Facilities with IATF 16949 13 Facilities with ISO 9001 SPAIN 1 FRANCE 4 BULGARIA 1 INDIA 3 51 Facilities with ISO 14001 41 Facilities with OHSAS 18001 Number of manufacturing facilities Manufacturing Faciliti
Slide 9: 2018 Market Outlook
2018 Market* Outlook Transportation Industrial 2018 Automotive (LV) Commercial Truck Agriculture Skyjack North America Flat Growth Moderate Growth Strong Growth Europe Moderate Growth Growth Moderate Growth Strong Growth Asia Flat Decline Moderate Growth Growth Ranking Score Growth Expectation Decli
Slide 10: 2019 Market Outlook
2019 Market* Outlook Transportation Industrial 2019 Automotive (LV) Commercial Truck Skyjack North America Flat Flat Moderate Growth Europe Flat Flat Moderate Growth Asia Moderate Growth Decline Flat Ranking Score Growth Expectation Decline 0.00 <-2% Note this is a MARKET outlook, NOT a prediction o
Slide 11: Trend Review – Positive Trend in Outlook for 2018 and 2019
Trend Review – Positive Trend in Outlook for 2018 and 2019 August 2018 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 Mar-17 May-17 Aug-17 Oct-17 Jan-18 May-18 Aug-18 Oct-18 2018 2019 © Linamar Corporation 11
Slide 12: Performance Highlights
Performance Highlights Q2 2018  Evolution Through Bold Innovation  Exciting new innovations launched at Skyjack  Telematics capabilities to help customers track assets, maintenance and usage  CVT transmission for telehandlers  VR Simulation for operator training  Gear Lab established at Centre
Slide 13: Key Investment Themes
Key Investment Themes Consistent Performance • Sales & earnings growth consistent & well above market • Double digit normalized earnings growth 8 years running Market Share Growth Key Growth Driver • We have demonstrated our ability to continue to grow through flat or declining markets and will cont
Slide 14: Strategy
Strategy
Slide 15: Enterprise Strategy
Enterprise Strategy Diversified Manufactured Products that Power Vehicles, Motion, Work and Lives
Slide 16: Vision 2100 – Manufacturing and Materials Development to Support all Markets
Vision 2100 – Building an Action Plan for the Future Manufacturing and Materials Development to Support all Markets Transportation Infrastructure Food Global Addressable Markets: Global Addressable Markets: Global Addressable Market: Automotive Scissors, Booms, Telehandlers Agriculture Harvesting, S
Slide 17: Key Market Strategies
Key Market Strategies  Transportation  Increase CPV in BEV, HEV, FCV  Mine opportunistic ICE market as volumes decline but addressable market increases  Grow integrated casting and forging business  Light weighting and noise reduction  Infrastructure (Skyjack)  Globalize and expand product li
Slide 18: Innovation
Innovation PRODUCT MANUFACTURING DEVELOPMENT PARTNERSHIPS WITH TECH STARTUPS PROCESS DEVELOPMENT DIGITIZATION THROUGH AI/ML MATERIAL TANGENTIAL DEVELOPMENT – INNOVATION LIGHTER, STRONGER © Linamar Corporation 18
Slide 19: iHub – Construction Starting Sep 2018
iHub – Construction Starting Sep 2018 Incubate innovation ideas Explore tangential products & markets Develop manufacturing partnerships © Linamar Corporation 19
Slide 20: Digitization Through AI | ML
Digitization Through AI | ML VISION SYSTEMS Evolving vision systems to more accurately gauge & inspect products for better ADVANCED ROBOTICS product integrity Development of advanced collaborative robots to drive ADDITIVE more efficient and safer MANUFACTURING (3D automation PRINTING) Identify appli
Slide 21: Digitization with AI/ML
Digitization with AI/ML 60 Plants 1,124 LMMS Data 2,590 851 Traceability Collection Connections Robots Marking Stations 1,164 x10 2,189 RFID Stations 823 Connected Machines Vision Systems 1,788 2 Traceability Read Stations AGVs August 2018 © Linamar Corporation 21
Slide 22: McLaren Engineering
McLaren Engineering McLaren Engineering McLaren Engineering Development Centre, Development Centre, Detroit, Michigan, USA Guelph, Ontario, Canada  Enhanced collaboration as  Product Component all Sales, Engineering, staff  Development Engineering to be located under one  CAD/CAE roof  Plant Su
Slide 23: Transportation
Transportation
Slide 24: Massive Opportunity in Outsourcing in all Propulsion Types
Massive Opportunity in Outsourcing in all Propulsion Types  $500 Billion global market, addressable portion growing each year Massive Market Opportunity  Addressable market consistently growing over next 20 Vehicle Propulsion years  Significant content potential in EV, Hybrid and ICE  70% of con
Slide 25: Powertrain Target Markets Significant and Growing
Powertrain | Target Markets Significant and Growing TOTAL GLOBAL POWERTRAIN / DRIVETLINE MARKET Global Market 2017 2020 2030 Light Vehicle $378 B $408 B $435 B Commercial Truck & Off Highway Vehicle $129 B $124 B $130 B Total: $507 B $532 B $ 565 B Structural EV & Battery Housings Assumptions: Drive
Slide 26: Linamar's Addressable Market
Linamar’s Addressable Market Evolving Technology and Propulsion Outsourcing  Linamar’s Addressable Market is impacted by three long-term trends;  The shift from Internal Combustion Engines (ICE) to Hybrid Electric Vehicles (HEV) and Electric Vehicles (EV)  Fuel Cell Vehicles (FCV) are another key
Slide 27: Factors Influencing Future Production Levels
Factors Influencing Future Production Levels Autonomous Driving • Enables segments not driving today i.e. seniors,  Global Population Growth disabled, youth   • Better asset utilization to some extent  • Limited by peak demand needs ie 7am-9am, 4pm-7pm Growth in Middle Class  • Higher Dispos
Slide 28: Global Light Vehicle Production
Global Light Vehicle Production Advanced Consensus Projection Actual IHS Forecast Advanced Consensus Projection Source I.H.S. Forecasting 2000-2025 Advanced Consensus Projection 2025-2030 i) 1% YoY Growth in overall industry volumes 2025-2030 ii) Production Share of Technologies by 2030 of ICE 50%,
Slide 30: Cost Penalty of Electrification
Cost Penalty of Electrification • Major hurdle to BEV is cost (and weight) of battery pack • No roadmap with current battery technology to close the gap to cost of ICE • Value of E-Drive >70% of value of ICE powertrain Morgan Stanley – “Autos & Shared Mobility Suppliers: Transfer of Coverage: Auto 1
Slide 32: Preparing for the Future of Propulsion
Preparing for the Future of Propulsion Internal Combustion Hybrid Vehicle Electric Vehicle Engine (ICE) (HEV) (BEV) & Fuel Cell EV (FCEV)  Focus on Light Weighting, Fuel Efficiency,  Continue to increase Content Per Vehicle on  Strong organizational focus on integrated Emissions Reduction solutio
Slide 33: ICE: Product Solutions
ICE: Product Solutions 1990s 2000s 2010s 2020s 2030s Content Potential / Vehicle $4,000 $4,000 $4,000 $4,000 $4,000 Outsourced % 15% 20% 32% 51% 75% Addressable Content Potential / Vehicle $600 $800 $1,280 $2,040 $3,000 Engine Camshaft / Cast and Fully Machined Lower Engine Camshafts Full Engine Bra
Slide 35: Hybrid: Product Solutions
Hybrid: Product Solutions 1990s 2000s 2010s 2020s 2030s Content Potential / Vehicle $4,000 $4,000 $4,000 $4,000 $4,000 Outsourced % 15% 20% 32% 51% 75% Addressable Content Potential / Vehicle $600 $800 $1,280 $2,040 $3,000 Engine Super cubed Turbo Charger Camshaft / Cylinder Cast and Fully Machined
Slide 37: BEV/FCEV: Product Solutions
BEV/FCEV: Product Solutions 1990s 2000s 2010s 2020s 2030s Content Potential / Vehicle $N/A $N/A $2,000 $2,000 $2,000 Outsourced % N/A N/A 32% 51% 75% Addressable Content Potential / Vehicle $N/A $N/A $640 $1,020 $1,500 E-Axle & Driveline Systems Commercial Vehicle Multi-Speed Dual Motor e-Axle Singl
Slide 39: Content Today on Electrified Vehicles Growing Quickly
Content Today on Electrified Vehicles Growing Quickly Global ICE, Hybrid & Electric Vehicle CPV $70.00 $60.00 $50.00 $40.00 Hybrid Electric $30.00 ICE $20.00 $10.00 $0.00 2015 2016 2017 2018 2019 2020 2021 2022 Updated August 2018, estimates based on current projections and EV applications in market
Slide 40: Technical Leadership in Process Innovation
Technical Leadership in Process Innovation Dramatic Lightweighting with Hydroformed Camshafts © Linamar Corporation 40
Slide 41: Forgings: Lightweight Components Implemented
Forgings: Lightweight Components Implemented Minimizing material use through better designs – up to 40% reduction in weight Future Wheel Hub Evolution – Integration & Connection © Linamar Corporation 41
Slide 42: Innovation Management | Casting
Innovation Management | Casting Material Engineering New Product & Thermo-physical Simulations Process Simulation Casting & Core shooting simulation Defect Prediction Inorganic Coring ICME Integrated Computational Residual stress during ▲ Materials Engineering water quenching Examples of misrun and
Slide 43: Technical Leadership in Material Development
Technical Leadership in Material Development Replace Steel Stampings with Structural Aluminum Castings for Massive Weight Savings © Linamar Corporation 43
Slide 44: Machining & Assembly: Propulsion of the Future
Machining & Assembly: Propulsion of the Future  As the automotive landscape is rapidly changing, Linamar positions itself to adapt and grow with it  Through innovative thinking and collaboration, we are leveraging our current technologies and skills to help customers bring advanced vehicles to pro
Slide 45: Electronics – Leadership in Electrification e-Axle Project
Technical Leadership in Product Innovation Leadership in Electrification -- e-Axle Project • Reduced HV Cables • Reduced Coolant Lines Gearbox • • Reduced Vehicle Interfaces Improved Safety Fully Integrated eAxle System • Superior Power Density • Lower Overall Cost Motor Electronics Power © Linamar
Slide 46: eDrive Product Portfolio
eDrive Product Portfolio WIN Q2 2017 500K ANNUAL VOLUME Micro Launch Assist E-Axle Single Motor E-Axle Dual Motor E-Axle Dual Motor Commercial 2+ Multi Speed Gearbox Truck 2 Speed  15 to 30 kW  40 to 110 kW  70 to 220 kW  2-Speed gearbox  Differential (open /  Differential (open /  Torque Vec
Slide 47: Volute Hydrogen Storage Tank – Manufacturing Partnership
Volute Hydrogen Storage Tank – Manufacturing Partnership A technology start-up partnership for Carbon Fiber Hydrogen Fuel Cell Vehicle storage tank solutions. Next Generation Hydrogen Storage Tank  Low profile continuous tank shape  Lower-cost system  Seamless design  Continuous manufacturing 
Slide 48: Driveline Technologies: Commercial Truck Applications
Driveline Technologies: Commercial Truck Applications Q2 2017 New Business Win: Rear Drive Unit Axle System  New business win in Q3 for a Commercial Truck application  Rear differential axle unit  30,000 annual volume  Utilizes disconnecting technology to disengage the torque input to the second
Slide 49: Advanced R & D
Advanced R & D V2X Connected Car Technology for Smart AWD Capability • Vehicle-to-vehicle communication (V2V or V2X COM) is a technology where vehicles, within certain proximity can communicate to each other over DSRC (Dedicated Short Range Communication) wireless networks. The V2V COM will be an im
Slide 50: Creating the Future | Protean MOU
Creating the Future | Protean MOU Kwok-Yin Chan CEO, Protean © Linamar Corporation 51
Slide 51: Launch Review: Launching nearly $4.5 billion of new work
Launch Review Q2 2018 Launching nearly $4.5 billion of new work today ($ Millions) © Linamar Corporation 52
Slide 52: Launch Review: Launching nearly $4.5 billion of new work
Launch Review Q2 2018 Launching nearly $4.5 billion of new work today ($ Millions) © Linamar Corporation 53
Slide 53: Launch Review: Sales from Launch
Launch Review Q2 2018 $ Millions $700 to $800 Million in 2018 Sales from Launch add: $1.2 Billion to $1.3 Billion in 2019 Offsetting launching sales is business leaving each year of 5-10% of overall sales © Linamar Corporation 54
Slide 55: Infrastructure
Infrastructure
Slide 56: Mobile Equipment Market – Product Mix
Mobile Equipment Market – Product Mix Source: Skyjack Internal July 2018 © Linamar Corporation 57
Slide 57: Mobile Equipment Market – Geographic Mix
Mobile Equipment Market – Geographic Mix Source: Skyjack Internal July 2018 © Linamar Corporation 58
Slide 58: Access – Target Market Large with Limited Competition
Access – Target Market Large with Limited Competition 2017 Global Market of $7.6B USD Massive Market Opportunity in Access Skyjack Manitou JLG Haulotte Genie Skyjack Internal Estimates – Final Q4-2017 Result © Linamar Corporation 59
Slide 59: Growth Strategy
Growth Strategy Overview  Maintain and Defend Scissor Share….  98% market product range coverage by product type by 2020  Grow Boom Products…  95% market product range coverage by product type by 2020  Competitive Telehandler Offering…  94% market product range coverage in NA by 2019 © Linamar
Slide 60: Food/Agriculture
Food/Agriculture
Slide 61: MacDon – Company Snapshot & Acquisition Highlights
MacDon – Company Snapshot & Acquisition Highlights Founded Key Products • 1949 • Rigid and Flexible Draper Headers and Self-Propelled Windrowers Headquarters Facilities • Winnipeg, Manitoba, Canada • ~1 million square feet total Geographic Footprint • 11 owned and 6 leased, all manufacturing in Winn
Slide 62: Acquisition Well Aligned with Linamar's Strategy
Acquisition Well Aligned with Linamar’s Strategy Enhances Position as a Global Diversified Manufacturer ✓    Agriculture/Food is a key long term growth market globally given the growing & developing global population Linamar has a long history in the agriculture market Further diversifies Linamar
Slide 63: MacDon – Product Portfolio
MacDon – Product Portfolio Product Description  Attached to a self-propelled windrower or combine  Used to cut and process crops through combine feeder house or left in field for further curing Draper Headers  Predominantly used for harvesting soybeans, wheat, canola, rice, oats, dry edible beans
Slide 64: MacDon's Industry Leading Business and Market Share
MacDon’ Industry Leading Business and Market Share North American Strong Market Position in Key Product Categories Estimated Market Position Combine FlexDraper® Headers #1 Rigid Draper Headers #1 Self-Propelled Windrowers (mid-horsepower) #1 © Linamar Corporation 67
Slide 65: Strong Brand Recognition and Farmer Loyalty
Strong Brand Recognition and Farmer Loyalty  Drives Powerful Customer “Pull” Dynamic  69 year history working hand-  Farmers know and value the in-hand with farmers and  Superior reputation among quality, durability and dealers farmers for specialized reliability of MacDon  Deep understanding o
Slide 66: Complementary Product Lines
Complementary Product Lines Hay Grain Harvesting Harvesting Corn Sunflower Draper Headers Pick Up Rotary Mower Headers Headers / Grain Tables Heads Headers Combined business covers a wide crop range of Header Harvesting product lines © Linamar Corporation 69
Slide 69: Agriculture Strategic Road Map
Agriculture Strategic Road Map Regional Growth Global Parts Initiatives Distribution Strategy Advanced & Disruptive Laser Focus on Technologies Operations Product Line Diversification © Linamar Corporation 73
Slide 70: Technology and Innovation Leader
Technology and Innovation Leader  Technology supported by over 100 unique patents with an additional 30+ unique patents pending globally, and a permanent technology-focused staff of 110 FlexDrapers® & Rigid Drapers Self-Propelled Windrowers Hay Products  Higher cutting speeds  Industry leading ro
Slide 71: Water, Power and Age
Water, Power and Age
Slide 72: Strategy Development
Strategy Development  New markets we are trying to gain more knowledge around  Established Advisory Councils to help us understand markets and develop strategies for entry  Water, Food, and Age Management Segments  Each council contains a diverse mix of outside experts (top management, academics
Slide 73: Softwheel
Softwheel A technology company partnership for built-in suspension wheel systems, developing the most energy-efficient and shock-absorbing wheel system in the world. In-Wheel Suspension System  Patented energy-efficient, shock-absorbing wheel design with built-in suspension  Suspension arms inside
Slide 74: Softwheel wheelchair and bike benefits
1. In-wheel Suspension 3. Rapid Shock-Reset SoftWheel’s 3 suspension arms After impact, the 3 suspension are built inside the wheel rim, 2. Adaptive Rigidity arms reset quickly, absorbing equidistant around a central hub. almost all of the shock Our smart suspension immediately. 4. 360 degree Suspen
Slide 75: Financial Review
Financial Review
Slide 77: Net Margin Expectations 2018: 7.0% - 9.0%
Normalized Net Earnings Attributable to Shareholders1 2013 - 2018 Net Margin Expectations 2018: 7.0% - 9.0% 1Net Earnings (NE) Normalized is NE before unusual items and foreign exchange impacts from revaluation of the balance sheet, tax affected © Linamar Corporation 81
Slide 79: Capex as % of Sales – Normal Zone to Drive Double Digit Growth
Operational Capital Expenditures 2013 - 2018 Capex as % of Sales – Normal Zone to Drive Double Digit Growth 6-8% of Sales © Linamar Corporation 83
Slide 80: Net Debt to Proforma EBITDA Average
Net Debt to Proforma EBITDA Average¹ 2013 - 2018 ¹ Proforma EBITDA includes last 12 month rolling EBITDA on acquisitions Note: The current quarter peer group average is the most publicly available data upon release date. © Linamar Corporation 84
Slide 83: Outlook Strong for the Future
Outlook Strong for the Future Q2 2018 Sales by Region 12,000 10,000 Target 8,000 $ Millions 6,000 4,000 2,000 - 2012 2017 2022 Actual Actual Estimate North America Europe Asia Target - Business to be Booked © Linamar Corporation 87
Slide 84: Key Investment Themes
Key Investment Themes Consistent Performance • Sales & earnings growth consistent & well above market • Double digit normalized earnings growth 8 years running Market Share Growth Key Growth Driver • We have demonstrated our ability to continue to grow through flat or declining markets and will cont
Slide 85: Thank You
Thank You @linamarcorp @linamarcorp Linamar Corporation www.linamar.com Linamar Corporation

Linamar — Q2 2018 Earnings Presentation on 6ix

Linamar — Q2 2018 Earnings Presentation

Slide 1: Q2 2018 Investor Presentation

Slide 2: Forward Looking Information, Risk and Uncertainties

Slide 3: Company Overview

Slide 4: Linamar – A Global Powerhouse in Diversified Manufacturing

Slide 5: Core Capabilities

Slide 6: Key Products

Slide 7: Scope of Operations & Market Concentration

Slide 8: Global Presence

Slide 9: 2018 Market Outlook

Slide 10: 2019 Market Outlook

Slide 11: Trend Review – Positive Trend in Outlook for 2018 and 2019

Slide 12: Performance Highlights

Slide 13: Key Investment Themes

Slide 14: Strategy

Slide 15: Enterprise Strategy

Slide 16: Vision 2100 – Manufacturing and Materials Development to Support all Markets

Slide 17: Key Market Strategies

Slide 18: Innovation

Slide 19: iHub – Construction Starting Sep 2018

Slide 20: Digitization Through AI | ML

Slide 21: Digitization with AI/ML

Slide 22: McLaren Engineering

Slide 23: Transportation

Slide 24: Massive Opportunity in Outsourcing in all Propulsion Types

Slide 25: Powertrain Target Markets Significant and Growing

Slide 26: Linamar's Addressable Market

Slide 27: Factors Influencing Future Production Levels

Slide 28: Global Light Vehicle Production

Slide 29: Powertrain Evolution

Slide 30: Cost Penalty of Electrification

Slide 31: Fuel Cell Vehicles

Slide 32: Preparing for the Future of Propulsion

Slide 33: ICE: Product Solutions

Slide 34: ICE: Market Evolution

Slide 35: Hybrid: Product Solutions

Slide 36: Hybrid: Market Evolution

Slide 37: BEV/FCEV: Product Solutions

Slide 38: EV: Market Evolution

Slide 39: Content Today on Electrified Vehicles Growing Quickly

Slide 40: Technical Leadership in Process Innovation

Slide 41: Forgings: Lightweight Components Implemented

Slide 42: Innovation Management | Casting

Slide 43: Technical Leadership in Material Development

Slide 44: Machining & Assembly: Propulsion of the Future

Slide 45: Electronics – Leadership in Electrification e-Axle Project

Slide 46: eDrive Product Portfolio

Slide 47: Volute Hydrogen Storage Tank – Manufacturing Partnership

Slide 48: Driveline Technologies: Commercial Truck Applications

Slide 49: Advanced R & D

Slide 50: Creating the Future | Protean MOU

Slide 51: Launch Review: Launching nearly $4.5 billion of new work

Slide 52: Launch Review: Launching nearly $4.5 billion of new work

Slide 53: Launch Review: Sales from Launch

Slide 54: Content per Vehicle

Slide 55: Infrastructure

Slide 56: Mobile Equipment Market – Product Mix

Slide 57: Mobile Equipment Market – Geographic Mix

Slide 58: Access – Target Market Large with Limited Competition

Slide 59: Growth Strategy

Slide 60: Food/Agriculture

Slide 61: MacDon – Company Snapshot & Acquisition Highlights

Slide 62: Acquisition Well Aligned with Linamar's Strategy

Slide 63: MacDon – Product Portfolio

Slide 64: MacDon's Industry Leading Business and Market Share

Slide 65: Strong Brand Recognition and Farmer Loyalty

Slide 66: Complementary Product Lines

Slide 67: Equipment Sales vs Cash Receipts

Slide 68: Equipment Sales vs Cash Receipts

Slide 69: Agriculture Strategic Road Map

Slide 70: Technology and Innovation Leader

Slide 71: Water, Power and Age

Slide 72: Strategy Development

Slide 73: Softwheel

Slide 74: Softwheel wheelchair and bike benefits

Slide 75: Financial Review

Slide 76: Yearly Sales Growth 2013 – 2018

Slide 77: Net Margin Expectations 2018: 7.0% - 9.0%

Slide 78: Non-Cash Working Capital 2013 - 2018

Slide 79: Capex as % of Sales – Normal Zone to Drive Double Digit Growth