Linamar buying remaining 34% stake in German hot forging firm
Move to buy remaining stake in Seissenschmidt comes after Linamar bought 66 per cent of company in September
GUELPH, Ont.—Linamar Corp. has signed an agreement to buy the remaining 34 per cent stake of Seissenschmidt AG, making it the sole owner of the Germany-based high volume hot forging company.
The move comes less than two months after the Guelph, Ont.-based manufacturer announced it was buying a 66 per cent stake in the company.
“We are very pleased to be able to come to an agreement with the remaining shareholders of Seissenschmidt for 100% ownership,” Linamar CEO Linda Hasenfratz said in a release. “This will allow us to more effectively integrate operations into Linamar to allow us to really optimize our joint capabilites and create meaningful market share growth.”
Seissenschmidt has three primary locations in Germany, Hungary, and the United States.
According to Linamar, the acquisition of the remaining shares allows it “to fully consolidate operations and control of Seissenschmidt creating a more effective entity” that can better execute on Linamar’s strategy of offering integrated metal forming and machining solutions.
The acquisition is subject to regulatory approval.