Linamar Corp. (LNR.TO), a power-vehicles manufacturing company, Tuesday announced that it entered into a definitive agreement to purchase Georg Fischer Ltd's Leipzig, iron foundry in Germany for a consideration of 45 million euros.
The transaction is expected to close by the end of 2025. The acquisiton is expected to increase Linamar's earnings per share with immediate effect.
Leipzig, with 300 employees, deals with ductile iron castings with technical capabilities, including Europe's molding box for machine-molded iron castings.
In a statement, Andreas Müller, Georg Fischer's CEO, said it aims to focus on core business with the planned sale.
Linamar expects the acquisition will diversify its casting solutions to include large ductile iron castings for heavy Industrial on and off-highway applications.
Jim Jarrell, CEO of Linamar stated, "The facility has great technology, continues to build on our diversification, hosts an excellent team, and is within close proximity to some of our Linamar European facilities. This acquisition will also drive both revenue and income growth, and will enhance our Linamar family."
On the Toronto Stock Exchange, the shares closed Monday's regular trading at C$75.41, down 1.18 percent.
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