Linamar Announces Creation of Linamar MedTech, a new group focused on Medical Devices and Precision Medical Components
GUELPH, ON, May 19, 2022 /CNW/ - Linamar Corporation (TSX: LNR) today announced the formation of Linamar MedTech, a new medical manufacturing group which will focus on leveraging its expert capabilities in precision manufacturing to pursue opportunities in the Medical Device and Precision Medical Component markets.
Linamar MedTech will further fuel growth and diversification in line with the company's 2100 strategy. It demonstrates Linamar's commitment and belief in future opportunities within the medical devices industry. The announcement builds on the medical device programs the company has launched over the past several years, including full ventilator systems and ventilator parts, part of the highly critical, expeditated launch effort in response to the public health crisis created by the COVID-19 pandemic. Linamar has also successfully launched other medical device programs in automated robotic microscopy.
"Linamar has expertise and resources that are applicable beyond the markets in which it operates today as we have proven with prior diversification initiatives," said Linda Hasenfratz, Linamar's Executive Chair and CEO. "This announcement formalizes the creation of Linamar MedTech, a new group with a dedicated team to pursue medical device and precision medical component business opportunities. With a growing and aging population, the medical device and precision components market is one that is growing quickly. This is an exciting new area for Linamar to grow, and one in which we have already proven we can excel."
Linamar's quality management system has demonstrated it can meet the required industry standards for medical devices. By utilizing the Linamar global operating structure and manufacturing footprint, Linamar plans to manufacture precision medical components and complex medical device assemblies for the global medical market. Potential targeted products include surgical, respiratory, and imaging devices and precision components for devices, orthopedics, and prosthesis.
"Linamar has demonstrated we can supply this market with high-quality products at competitive prices," said Jim Jarrell, Linamar's President and COO. "Medical devices and precision medical components are a market where we see we can add immediate value by leveraging our scale and capabilities to bring innovative, high-quality, and cost-effective solutions to customers. Linamar's capabilities in manufacturing, supply chain and program management can be leveraged to offer medical equipment OEMs advanced contract manufacturing solutions, for better products at a better price. Our history in innovation and lean manufacturing principles points to a strong future for Linamar MedTech to deliver value to our customers and stakeholders."
For more information on Linamar MedTech product or services, please email: [email protected]
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.
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. In addition to the eLIN Product Solutions Group that focuses on Electrification, McLaren Engineering provides design, development, and testing services for the Mobility segment. Linamar's recently announced medical solutions group, Linamar MedTech, focuses on manufacturing solutions for Medical Devices and Precision Medical Components. Linamar has over 26,000 employees in 60 manufacturing locations, 11 R&D centres and 25 sales offices in 17 countries in North and South America, Europe and Asia, which generated sales of $6.5 billion in 2021. For more information about Linamar Corporation and its industry-leading products and services, visit www.linamar.com or follow us on our social media channels.
SOURCE Linamar Corporation
For media inquiries regarding this release please contact Linda Hasenfratz at (519) 836-7550.
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