Canadian Suppliers End European Joint Venture

Linamar Corp. and Wescast Industries Inc. announced that they have signed an agreement for Wescast to acquire all of Linamar’s interest in Weslin Industries Inc.
Weslin is a European joint venture operation between Wescast Industries Inc. and Linamar and was established in 1999 for the design, sale and manufacture of exhaust manifolds, turbo charger housings and integrated turbo manifolds for the European light vehicle market.
The transaction is set to close on August 31. The purchase price is $41 million (CDN$53.75 million). This purchase and sale will also result in a full settlement of all issues between the parties.