Linamar signs deal to buy assets in U.S. from Mobex for US$70 million
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Hey there, time traveller!
This article was published 21/09/2023 (1099 days ago), so information in it may no longer be current.
GUELPH, Ont. – Linamar Corp. has signed a deal with automotive parts supplier Mobex Fourth and 1 to buy a substantial portion of its U.S.-based assets for US$70 million in cash.
The assets to be acquired by Linamar Structures include manufacturing operations for propulsion-agnostic chassis and suspension modules and components, such as steering knuckles, control arms and subframes.
Linamar says the Mobex facilities will be integrated into its growing structures group.
The company says the deal will bolster its position as a supplier of parts that can be used in electric, hybrid and internal combustion-powered vehicles.
The deal is subject to customary consents and regulatory approvals and Linamar says it is expected to close in the fourth quarter of 2023.
The company says the transaction is expected to be accretive soon after acquisition.
This report by The Canadian Press was first published Sept. 21, 2023.
Companies in this story: (TSX:LNR)