Linamar said it would not be making final offers for foundries in France and Spain.
As just-auto reported at the time, last July Linamar said a subsidiary had filed conditional offers in court to acquire assets of Societe Aveyronnaise de Metallurgie (SAM) and FVM Technologies (FVM) from their respective bankruptcy estates and 100% of the outstanding shares of Alfisa Technologies (Alfisa) a Spanish company for about EUR6m.
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“As a result of further due diligence and discussion with various interested parties, Linamar is now not in a position to file final, binding, unconditional offers and has decided not to pursue these acquisitions,” the supplier said in a 29 September statement.
Linamar comprises two operating segments – powertrain/driveline and industrial, divided further into five operating groups – machining & assembly, light metal casting, forging, skyjack and agriculture.
The first three focus on precision metallic components, modules and systems for engine, transmission, driveline and body systems for global vehicle and industrial markets.
Linamar said in July the acquisitions, if completed, would “represent a step forward in [our] light metal casting strategy to develop further leadership in integrated design, casting, and machining of aluminium components in medium and medium-large press and component sizes.
“This strategy will strengthen and grow relationship with customers in Europe, with facility locations strategically located near key existing and potential customers and an excellent skilled workforce.”
