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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