Double Digit Top and Bottom-Line Growth, Positive Free Cash Flow at Linamar Despite Very Tough Cost Environment

GUELPH, ON, Nov. 9, 2022 /CNW/ - (TSX: LNR)

• Excellent new business wins ("NBW") take launch book to more than $5.0 billion;
• 71% of year to date ("YTD") NBW with electrified vehicles;
• Sales up 27.5% and Net Earnings per Share – Diluted - Normalized up 19.4%;
• Sales up 22.9% for Industrial due to the sales from acquisition of the Salford Group of Companies ("Salford"), strong agricultural sales on stronger markets and global market share growth and increased access equipment sales;
• Sales up 29.2% for Mobility on stronger markets, cost recoveries and launching programs;
• Record levels of content per vehicle¹ achieved in North America and Europe driven by a positive customer platform mix and launches;
• An additional 1.8 million shares repurchased in the quarter for a total of 3.5 million YTD; and
• Liquidity¹, measured as cash and cash equivalents and available credit as at September 30, 2022, was $1.3 billion.

 

	Three Months Ended		Nine Months Ended
	September 30		September 30
(in millions of dollars, except per share figures)	2022	2021	2022	2021
	$	$	$	$
Sales	2,098.1	1,645.0	5,857.9	5,002.1
Operating Earnings (Loss)
Industrial	84.7	70.0	145.9	179.4
Mobility	100.7	86.2	317.4	351.7
Operating Earnings (Loss)	185.4	156.2	463.3	531.1
Net Earnings (Loss)	133.2	108.8	334.0	370.3
Net Earnings (Loss) per Share – Diluted	2.10	1.66	5.17	5.65
Earnings before interest, taxes and amortization ("EBITDA")1	298.8	260.6	794.0	854.6
Operating Earnings (Loss) – Normalized1
Industrial	74.3	72.9	137.0	185.1
Mobility	94.1	77.8	287.2	339.2
Operating Earnings (Loss) – Normalized	168.4	150.7	424.2	524.3
Net Earnings (Loss) – Normalized1	121.0	104.8	301.2	370.0
Net Earnings (Loss) per Share – Diluted – Normalized1	1.91	1.60	4.66	5.64
EBITDA – Normalized1	282.5	255.2	756.2	855.8

 

Operating Highlights

Sales for the third quarter of 2022 ("Q3 2022") were $2,098.1 million, up $453.1 million from $1,645.0 million in the third quarter of 2021 ("Q3 2021").

The Industrial segment ("Industrial") product sales increased 22.9%, or $99.5 million, to $533.4 million in Q3 2022 from Q3 2021. The sales increase was due to:

• increased sales related to the acquisition of Salford;
• increased pricing to help partially relieve increased supply chain costs;
• an increase in agricultural sales from market growth further improved by global market share growth in all core products; and
• additional access equipment sales.

Sales for the Mobility segment ("Mobility") increased by $353.6 million, or 29.2% in Q3 2022 compared with Q3 2021. The sales in Q3 2022 were impacted by:

• a sales increase primarily attributed to an improvement in adverse conditions associated with supply related issues experienced by our customers compared to Q3 2021;
• increased pricing related to cost recovery partially offsetting the associated raw material, utilities and freight increases;
• additional sales for launching programs and increased volumes for certain programs that the Company has significant business with; and
• increased sales related to the acquisition of the remaining 50% interest in the joint venture of GF Linamar LLC now known as LLM Mills River; partially offset by
• an unfavourable impact on sales from the changes in foreign exchange rates from Q3 2021.

_____________________________

1      Operating Earnings (Loss) – Normalized, Net Earnings (Loss) – Normalized, Net Earnings (Loss) per Share – Diluted – Normalized, EBITDA, EBITDA – Normalized, Liquidity, and Free Cash Flow are non-GAAP financial measures. Content per Vehicle is a Supplementary Financial Measure. Please see "Non-GAAP and Other Financial Measures" section of this press release.

The Company's normalized operating earnings for Q3 2022 was $168.4 million. This compares to normalized operating earnings of $150.7 million in Q3 2021, an increase of $17.7 million.

Industrial segment normalized operating earnings in Q3 2022 increased $1.4 million, or 1.9% from Q3 2021. The Industrial normalized operating earnings results were predominantly driven by:

• an increase in agricultural sales;
• increased sales related to the acquisition of Salford;
• an increase in access equipment sales; partially offset by
• increased costs related to raw material, freight and utilities offset by customer cost recovered in sales;
• a reduction in the utilization of Government support programs related to the global COVID-19 pandemic; and
• additional expenses from Skyjack's manufacturing expansion into China and Mexico.

Q3 2022 normalized operating earnings for Mobility were higher by $16.3 million, or 21.0% compared to Q3 2021. The Mobility segment's earnings were impacted by the following:

• a sales increase primarily attributed to an improvement in adverse conditions associated with supply related issues experienced by our customers compared to Q3 2021;
• additional sales for launching programs and increased volumes for certain programs that the Company has significant business with; and
• a favourable impact from the changes in foreign exchange rates from Q3 2021; partially offset by
• a reduction in the utilization of Government support programs related to the global COVID-19 pandemic;
• reduction in earnings related to the acquisition of LLM Mills River;
• an increase in management, sales costs and travel expenses supporting growth; and
• increased costs related to raw material, utilities and freight partially offset by customer cost recovered in sales.

"It feels great to see a quarter of double digit top and bottom line growth in Q3," said Linamar Executive Chair and CEO Linda Hasenfratz, "Our team is doing an excellent job of navigating some very tough conditions on the cost side and working closely with customers to manage the best outcomes for both parties. At the same time we are hitting it out of the park on new business wins, notably with electrified vehicles which are representing 71% of wins YTD and more than triple the dollar value of wins for all of last year.  We also are back to seeing free cash flow as of Q3 and expect to see that trend continue through the end of the year.  We are growing, winning new business and keeping our cash flow and balance sheet strong in a very tough environment, I am really proud of our team here at Linamar for achieving all of that."

Dividends

The Board of Directors today declared an eligible dividend in respect to the quarter ended September 30, 2022 of CDN$0.20 per share on the common shares of the company, payable on or after December 2, 2022 to shareholders of record on November 22, 2022.

Non-GAAP And Other Financial Measures

The Company uses certain non-GAAP and other financial measures to provide useful information to both management, investors and other stakeholders in assessing the financial performance and financial condition of the Company.

Certain expenses and income that must be recognized under GAAP are not necessarily reflective of the Company's underlying operational performance. For this reason, management uses certain non-GAAP and other financial measures when analyzing operational performance on a consistent basis.

These Non-GAAP and other financial measures do not have a standardized meaning prescribed by GAAP and therefore they are unlikely to be comparable to similarly titled measures presented by other publicly traded companies, and they should not be construed as an alternative to other financial measures determined in accordance with GAAP.

Normalized Non-GAAP Financial Measures and Ratios

All Non-GAAP financial measures denoted with 'Normalized' as presented by the Company are adjusted for foreign exchange gain (loss), foreign exchange gain (loss) on debt and derivatives, and other items.

Operating Earnings (Loss) – Normalized
Operating Earnings (Loss) – Normalized is a non-GAAP financial measure and the Company believes it is useful in assessing the Company's underlying operational performance and in making decisions regarding the ongoing operations of the business. Operating Earnings (Loss) – Normalized is calculated as Operating Earnings (Loss), the most directly comparable measure as presented in the Company's consolidated statement of earnings, adjusted for foreign exchange gain (loss), and any other items, if applicable, that are considered not to be indicative of underlying operational performance.

Net Earnings (Loss) – Normalized
Net Earnings (Loss) – Normalized is a non-GAAP financial measure and the Company believes it is useful in assessing the Company's underlying operational performance and in making decisions regarding the ongoing operations of the business. Net Earnings (Loss) – Normalized is calculated as Net Earnings (Loss), the most directly comparable measure as presented in the Company's consolidated statement of earnings, adjusted for foreign exchange gain (loss), foreign exchange gain (loss) on debt and derivatives, and any other items, if applicable, that are considered not to be indicative of underlying operational performance.

Net Earnings (Loss) per Share – Diluted – Normalized
Net Earnings (Loss) per Share – Diluted – Normalized is a non-GAAP financial ratio and the Company believes it is useful in assessing the Company's underlying operational performance and in making decisions regarding the ongoing operations of the business. Net Earnings (Loss) per Share – Diluted – Normalized is calculated as Net Earnings (Loss) – Normalized (as defined above) divided by the fully diluted number of shares outstanding as at the period end date.

EBITDA and EBITDA – Normalized
EBITDA is a non-GAAP financial measure and the Company believes it is useful in assessing the Company's underlying operational performance of cash flow and profitability, the effective use and allocation of resources, and to provide more meaningful comparisons of operating results. EBITDA is calculated as Net Earnings (Loss) before income taxes, the most directly comparable measure as presented in the Company's consolidated statement of earnings, adjusted for amortization of property, plant and equipment, amortization of other intangible assets, finance costs, and other interest.

EBITDA – Normalized is a non-GAAP financial measure and the Company believes EBITDA – Normalized is useful in assessing the Company's underlying operational performance of cash flow and profitability, the effective use and allocation of resources, and to provide more meaningful comparisons of operating results. EBITDA – Normalized is calculated as EBITDA (as defined above) adjusted for foreign exchange gain (loss), foreign exchange gain (loss) on debt and derivatives, non-cash asset impairments and any other items, if applicable, that are considered not to be indicative of underlying operational performance.

All these other items contained in these non-GAAP financial measures are summarized as follows:

	Three Months Ended		Nine Months Ended
		September 30		September 30
	2022	2021	2022	2021
(in millions of dollars)	$	$	$	$
Gain on sale of unused land	-	-	(22.1)	-
Other items impacting Operating Earnings (loss) – Normalized and Net Earnings (Loss) - Normalized	-	-	(22.1)	-
Gain on sale of unused land	-	-	(22.1)	-
Other items	-	-	(22.1)	-
Asset impairment provision, net of reversals	-	0.1	0.1	1.7
Other items and asset impairments impacting EBITDA – Normalized	-	0.1	(22.0)	1.7

Normalizing items for asset impairment provisions adjusted EBITDA and impacted the Mobility segment by $0.1 million for YTD 2022 ($0.1 million loss for Q3 2021 and $1.7 million loss for YTD 2021).

During Q1 2022, a normalizing item related to a "gain on sale of unused land" adjusted the Mobility segment by $22.1 million.

All normalized non-GAAP financial measures areas reconciled as follows:

	Three Months Ended				Nine Months Ended
	September 30				September 30
(in millions of dollars)	2022	2021	+/-	+/-	2022	2021	+/-	+/-
	$	$	$	%	$	$	$	%
Operating Earnings (Loss) – Normalized
Operating Earnings (Loss)	185.4	156.2	29.2	18.7 %	463.3	531.1	(67.8)	(12.8 %)
Foreign exchange (gain) loss	(17.0)	(5.5)	(11.5)		(17.0)	(6.8)	(10.2)
Other items	-	-	-		(22.1)	-	(22.1)
Operating Earnings (Loss) – Normalized	168.4	150.7	17.7	11.7 %	424.2	524.3	(100.1)	(19.1 %)
Net Earnings (Loss) – Normalized
Net Earnings (Loss)	133.2	108.8	24.4	22.4 %	334.0	370.3	(36.3)	(9.8 %)
Foreign exchange (gain) loss	(17.0)	(5.5)	(11.5)		(17.0)	(6.8)	(10.2)
Foreign exchange (gain) loss on debt and derivatives	0.7	-	0.7		1.2	6.3	(5.1)
Other items	-	-	-		(22.1)	-	(22.1)
Tax impact	4.1	1.5	2.6		5.1	0.2	4.9
Net Earnings (Loss) – Normalized	121.0	104.8	16.2	15.5 %	301.2	370.0	(68.8)	(18.6 %)
Net Earnings (Loss) per Share – Diluted – Normalized
Net Earnings (Loss) per Share – Diluted	2.10	1.66	0.44	26.5 %	5.17	5.65	(0.48)	(8.5 %)
Foreign exchange (gain) loss	(0.27)	(0.08)	(0.19)		(0.27)	(0.10)	(0.17)
Foreign exchange (gain) loss on debt and derivatives	0.01	-	0.01		0.02	0.09	(0.07)
Other items	-	-	-		(0.34)	-	(0.34)
Tax impact	0.07	0.02	0.05		0.08	-	0.08
Net Earnings (Loss) per Share – Diluted – Normalized	1.91	1.60	0.31	19.4 %	4.66	5.64	(0.98)	(17.4 %)
EBITDA and EBITDA – Normalized
Net Earnings (Loss) before income taxes	176.5	146.6	29.9	20.4 %	443.0	499.7	(56.7)	(11.3 %)
Amortization of property, plant and equipment	95.7	96.0	(0.3)		285.2	301.2	(16.0)
Amortization of other intangible assets	15.0	12.7	2.3		42.5	36.8	5.7
Finance costs	8.7	4.4	4.3		17.4	14.6	2.8
Other interest	2.9	0.9	2.0		5.9	2.3	3.6
EBITDA	298.8	260.6	38.2	14.7 %	794.0	854.6	(60.6)	(7.1 %)
Foreign exchange (gain) loss	(17.0)	(5.5)	(11.5)		(17.0)	(6.8)	(10.2)
Foreign exchange (gain) loss on debt and derivatives	0.7	-	0.7		1.2	6.3	(5.1)
Asset impairment provision, net of reversals	-	0.1	(0.1)		0.1	1.7	(1.6)
Other items	-	-	-		(22.1)	-	(22.1)
EBITDA – Normalized	282.5	255.2	27.3	10.7 %	756.2	855.8	(99.6)	(11.6 %)

 

All normalized non-GAAP financial measures areas impacting segments reconciled as follows:

	Three Months Ended			Nine Months Ended
	September 30			September 30
	2022			2022
	Industrial	Mobility	Linamar	Industrial	Mobility	Linamar
(in millions of dollars)	$	$	$	$	$	$
Operating Earnings (Loss) – Normalized
Operating Earnings (Loss)	84.7	100.7	185.4	145.9	317.4	463.3
Foreign exchange (gain) loss	(10.4)	(6.6)	(17.0)	(8.9)	(8.1)	(17.0)
Other items	-	-	-	-	(22.1)	(22.1)
Operating Earnings (Loss) – Normalized	74.3	94.1	168.4	137.0	287.2	424.2
EBITDA – Normalized
EBITDA	100.2	198.6	298.8	187.4	606.6	794.0
Foreign exchange (gain) loss	(10.4)	(6.6)	(17.0)	(8.9)	(8.1)	(17.0)
Foreign exchange (gain) loss on debt and derivatives	0.2	0.5	0.7	0.3	0.9	1.2
Asset impairment provision, net of reversals	-	-	-	-	0.1	0.1
Other items	-	-	-	-	(22.1)	(22.1)
EBITDA – Normalized	90.0	192.5	282.5	178.8	577.4	756.2

 

	Three Months Ended			Nine Months Ended
	September 30			September 30
	2021			2021
	Industrial	Mobility	Linamar	Industrial	Mobility	Linamar
(in millions of dollars)	$	$	$	$	$	$
Operating Earnings (Loss) – Normalized
Operating Earnings (Loss)	70.0	86.2	156.2	179.4	351.7	531.1
Foreign exchange (gain) loss	2.9	(8.4)	(5.5)	5.7	(12.5)	(6.8)
Other items	-	-	-	-	-	-
Operating Earnings (Loss) – Normalized	72.9	77.8	150.7	185.1	339.2	524.3
EBITDA – Normalized
EBITDA	83.3	177.3	260.6	221.1	633.5	854.6
Foreign exchange (gain) loss	2.9	(8.4)	(5.5)	5.7	(12.5)	(6.8)
Foreign exchange (gain) loss on debt and derivatives	0.1	(0.1)	-	1.3	5.0	6.3
Asset impairment provision, net of reversals	-	0.1	0.1	-	1.7	1.7
Other items	-	-	-	-	-	-
EBITDA – Normalized	86.3	168.9	255.2	228.1	627.7	855.8

 

Other Non-GAAP Financial Measures

Free Cash Flow
Free Cash Flow is a non-GAAP financial measure and the Company believes it is useful in assessing the Company's ability to generate cash. Free Cash Flow is calculated as Cash from Operating Activities, the most directly comparable measure as presented in the Company's consolidated statements of cash flows, adjusted for payments for purchase of property, plant and equipment, and proceeds on disposal of property, plant and equipment.

Liquidity
Liquidity is a non-GAAP financial measure and the Company believes it is useful in assessing the Company's ability to satisfy its financial obligations as they come due. Liquidity is calculated as Cash, the most directly comparable measure as presented in the Company's consolidated statements of financial position, adjusted for the Company's available credit.

All other non-GAAP financial measures are reconciled as follows:

	Three Months Ended		Nine Months Ended
	September 30		September 30
	2022	2021	2022	2021
(in millions of dollars)	$	$	$	$
Free Cash Flow
Cash generated from (used in) operating activities	118.3	281.2	247.1	691.1
Payments for purchase of property, plant and equipment	(83.4)	(58.6)	(256.3)	(169.0)
Proceeds on disposal of property, plant and equipment	1.8	1.3	34.8	5.7
Free Cash Flow	36.7	223.9	25.6	527.8
Liquidity
Cash	856.0	806.0	856.0	806.0
Available credit	435.0	957.5	435.0	957.5
Liquidity	1,291.0	1,763.5	1,291.0	1,763.5

Supplementary Financial Measures

Content per Vehicle
Content per Vehicle is a supplementary financial measure and is calculated within the Mobility segment for the region indicated as automotive sales less tooling sales divided by vehicle production units.

Summary of Content per Vehicle by Quarter
The following table summarizes the updated CPV for the current year for changes in volumes as revised by industry sources:

Estimates as of September 30, 2022	Three Months Ended				Year to Date
		Mar 31	Jun 30	Sep 30		Mar 31	Jun 30	Sep 30
North America		2022	2022	2022		2022	2022	2022
Vehicle Production Units		3.68	3.70	3.81		3.68	7.39	11.20
Automotive Sales		$   765.0	$    870.6	$    918.9		$    765.0	$ 1,635.6	$ 2,554.5
Content Per Vehicle		$ 207.61	$  235.03	$  241.01		$ 207.61	$  221.35	$  228.04
Europe
Vehicle Production Units		3.91	3.98	3.58		3.91	7.89	11.47
Automotive Sales		$   390.4	$    396.0	$    372.6		$   390.4	$    786.5	$ 1,159.1
Content Per Vehicle		$   99.83	$    99.53	$  103.95		$   99.83	$    99.68	$  101.01
Asia Pacific
Vehicle Production Units		11.31	10.28	12.46		11.31	21.60	34.05
Automotive Sales		$   135.2	$      97.7	$    149.6		$   135.2	$    232.9	$    382.5
Content Per Vehicle		$   11.95	$     9.50	$    12.01		$   11.95	$    10.79	$    11.23

 

Estimates as of June 30, 2022	Three Months Ended				Year to Date
		Mar 31	Jun 30			Mar 31	Jun 30
North America		2022	2022			2022	2022
Vehicle Production Units		3.70	3.69			3.70	7.39
Automotive Sales		$   761.6	$    870.6			$   761.6	$ 1,632.2
Content Per Vehicle		$ 205.83	$ 235.70			$ 205.83	$  220.76
Europe
Vehicle Production Units		3.90	3.94			3.90	7.84
Automotive Sales		$   390.6	$    396.0			$   390.6	$    786.7
Content Per Vehicle		$ 100.14	$ 100.47			$ 100.14	$  100.30
Asia Pacific
Vehicle Production Units		11.31	10.02			11.31	21.34
Automotive Sales		$   133.9	$      97.7			$   133.9	$    231.6
Content Per Vehicle		$   11.83	$     9.75			$   11.83	$    10.85

 

Change in Estimates from Prior Quarter	Three Months Ended				Year to Date
		Mar 31	Jun 30			Mar 31	Jun 30
		2022	2022			2022	2022
North America		+/-	+/-			+/-	+/-
Vehicle Production Units		(0.02)	0.01			(0.02)	-
Automotive Sales		$       3.4	$            -			$       3.4	$        3.4
Content Per Vehicle		$     1.78	$   (0.67)			$     1.78	$      0.60
Europe
Vehicle Production Units		0.01	0.04			0.01	0.05
Automotive Sales		$     (0.2)	$            -			$     (0.2)	$      (0.2)
Content Per Vehicle		$   (0.31)	$     (0.94)			$   (0.31)	$    (0.62)
Asia Pacific
Vehicle Production Units		-	0.26			-	0.26
Automotive Sales		$       1.3	$            -			$       1.3	$        1.3
Content Per Vehicle		$     0.12	$   (0.25)			$     0.12	$    (0.06)

 

Forward Looking Information, Risk and Uncertainties

Certain information provided by Linamar in this press release, MD&A, the consolidated financial statements and other documents published throughout the year which are not recitation of historical facts may constitute forward-looking statements. The words "may", "would", "could", "will", "likely", "estimate", "believe", "expect", "plan", "forecast" and similar expressions are intended to identify forward-looking statements. Readers are cautioned that such statements are only predictions and the actual events or results may differ materially. In evaluating such forward-looking statements, readers should specifically consider the various factors that could cause actual events or results to differ materially from those indicated by such forward-looking statements.

Such forward-looking information may involve important risks and uncertainties that could materially alter results in the future from those expressed or implied in any forward-looking statements made by, or on behalf of, Linamar. Some of the factors and risks and uncertainties that cause results to differ from current expectations include, but are not limited to, changes in the competitive environment in which Linamar operates, OEM outsourcing and insourcing; sources and availability of raw materials; labour markets and dependence on key personnel; dependence on certain customers and product programs; technological change in the sectors in which the Company operates and by Linamar's competitors; delays in or operational issues with product launches; foreign currency risk; long-term contracts that are not guaranteed; acquisition and expansion risk; foreign business risk; public health threats; cyclicality and seasonality; legal proceedings and insurance coverage; credit risk; weather; emission standards; capital and liquidity risk; tax laws; securities laws compliance and corporate governance standards; fluctuations in interest rates; environmental emissions and safety regulations; trade and labour disruptions; world political events; pricing concessions to customers; and governmental, environmental and regulatory policies.

The foregoing is not an exhaustive list of the factors that may affect Linamar's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on Linamar's forward-looking statements. Linamar 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.

Conference Call Information

Q3 2022 Release Information
Linamar will hold a webcast call on November 9, 2022, at 5:00 p.m. ET to discuss its third quarter results. The event will be simulcast and can be accessed at the following URL  linamar.com/event/q3-2022-earnings-call/ and can also be navigated to on the Company's website. For those who wish to listen to an audio only call-in option, the numbers for this call are ([phone] (North America) or ([phone] (International) Conference ID 21070291, with a call-in required 15 minutes prior to the start of the webcast. The conference call will be chaired by Linda Hasenfratz, Linamar's Executive Chair and Chief Executive Officer. A copy of the Company's quarterly financial statements, including the Management's Discussion & Analysis, will be available on the Company's website after 4:00 p.m. ET on November 9, 2022, and at www.sedar.com by the start of business on November 10, 2022. The webcast replay will be available at  linamar.com/event/q3-2022-earnings-call/ after the call. A taped replay of the conference call will also be made available starting at 8:00 p.m. ET on November 9, 2022, for seven days. The number for the replay is (+1) [phone] or (+1) [phone], Passcode: 070291#. In addition, a recording of the call will be posted at linamar.com/event/q3-2022-earnings-call/.

Q4 2022 Release Information
Linamar will hold a webcast call on March 8, 2023, at 5:00 p.m. ET to discuss its fourth quarter results. The event will be simulcast and can be accessed at the following URL https://www.linamar.com/event/q4-2022-earnings-call/ and can also be navigated to on the Company's website. For those who wish to listen to an audio only call-in option, the numbers for this call are ([phone] (North America) or ([phone] (International) Conference ID 62240189, with a call-in required 15 minutes prior to the start of the webcast. The conference call will be chaired by Linda Hasenfratz, Linamar's Executive Chair and Chief Executive Officer. A copy of the Company's quarterly financial statements, including the Management's Discussion & Analysis, will be available on the Company's website after 4:00 p.m. ET on March 8, 2023, and at www.sedar.com by the start of business on March 9, 2023. The webcast replay will be available at  https://www.linamar.com/event/q4-2022-earnings-call/ after the call. A taped replay of the conference call will also be made available starting at 8:00 p.m. ET on March 8, 2023, for seven days. The number for the replay is (+1) [phone] or (+1) [phone], Passcode: 240189#. In addition, a recording of the call will be posted at https://www.linamar.com/event/q4-2022-earnings-call/.

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, MacDon and Salford. 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. Salford also supplies the agriculture market with farm tillage and crop fertilizer applicator equipment. 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 recently formed 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 27,619 employees in 65 manufacturing locations, 14 R&D centres and 28 sales offices in 17 countries in North and South America, Europe and Asia, which generated sales of more than $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.

Guelph, Ontario
November 9, 2022

SOURCE Linamar Corporation

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