04.07.2010

Linamar buys out Hungarian business

Skyjack parent, Linamar has acquired most of the outstanding shares in Linamar Hungary that it did not already own.

It announced on Friday the purchase of 2.47 million shares at a price of HF2,570 ($11.3) per share. The transaction takes its holding in the Hungarian business from just over 70 percent to 99 percent.

Linamar's chief executive Linda Hasenfratz said: "We are pleased with successfully acquiring this additional interest in Linamar Hungary. Integration of Linamar Hungary fully into our global organisation has long been a strategic goal of Linamar to maximize operational flexibility and allow us to fully leverage our global R&D efforts."