Auto Service World
News   August 4, 2003   by Auto Service World

Linamar and McLaren Performance Technologies to Merge


Linamar Corporation and McLaren Performance Technologies, Inc. have announced that they have agreed to merge the companies.
Under the Merger Agreement, each share of McLaren Performance common stock outstanding at the time of the merger (other than any shares held by Linamar and its affiliates) will be converted into the right to receive $0.8875 per share in cash.
The board of directors of McLaren Performance approved and adopted the Merger Agreement and recommended that the stockholders of McLaren Performance approve it. McLaren Performance’s financial advisor has opined that the Merger Consideration is fair from a financial point of view to McLaren Performance’s stockholders.
The closing of the merger is subject to customary conditions, including approval of McLaren Performance’s stockholders.
As soon as practicable, McLaren Performance will file a proxy statement relating to the merger with the United States Securities and Exchange Commission (SEC) and will schedule a Special Meeting of the McLaren Performance stockholders.
“We are pleased to have completed this important step in finalizing this acquisition,” said Linda Hasenfratz, CEO of Linamar Corporation. “We are looking forward to completing all steps and proceeding with the integration of McLaren into Linamar in order to start to enjoy the synergies all envision.”
“This is one step closer to putting McLaren Performance on a long term sound footing to serve its existing customers and equally important to begin serving its parent and newest of customers, Linamar,” said Wiley McCoy, CEO of McLaren Performance.
Further information regarding the merger, including a copy of the merger agreement, will be filed by McLaren Performance with the SEC.
Linamar Corporation designs, develops and manufactures precision machined components, modules and systems for engine, transmission, chassis and industrial markets primarily for the North American and European automotive marketplace. The company has more than 9,000 employees in 33 manufacturing locations, two research and development centres and four sales offices in Canada, United States, Mexico, Germany, Hungary and Japan.
McLaren Performance is an engineering firm that provides a variety of services to the automotive OEM and Tier 1 supply base. In particular, the company is well known for its engineering analysis capability with respect to engines. It has a test facility in Michigan which has 16 test cells capable of doing endurance and reliability testing, steady state emissions testing, engine build and tear down evaluation, powertrain engineering and design, noise and vibration studies, EPA and CARB certification, warranty failure analysis and catalyst ageing and development. The company also has a machining operation in Windsor, Ontario for the purpose of supplying machined heads, blocks and modules to automotive customers.


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