Managed to increase sales, despite a soft market, in part by seizing market share.
GUELPH, Ont. — Manufacturer Linamar Corp. says it hit record sales and earnings last year as the company expanded operations including in the electric vehicle market.
The Guelph, Ont.-based producer of machine parts says net earnings for 2017 came in at $549.4 million compared to $522.5 million a year earlier, while sales increased 14.5% to $6.5 billion.
The company says it managed to increase sales, despite a soft market, in part by seizing market share.
Its automotive powertrain division sales were up 11% and its industrial segment, including booms and telehandlers, was up 44% in various North American, European and Asian markets.
Linamar says it has also secured a significant contract to produce upwards of 550,000 e-axles for the electric vehicle market as the segment expands.
The company says it had net earnings of $135.1 million or $2.04 per diluted share for the three months ending Dec. 31, compared to $116.1 million or $1.76 per share for the same period last year.
In early February, Linamar closed its $1.2 billion takeover of Winnipeg-based agriculture equipment maker MacDon Industries Ltd.
News from © Canadian Press Enterprises Inc. 2016