Linamar’s acquisition of air-drill manufacturer Bourgault has officially gone through, the company announced yesterday.
The completion of the transaction was subject to certain regulatory approvals which have all been met, Linamar said in a news release.
Linamar, best known as an auto parts manufacturer, announced it would acquire the Saskatchewan-based firm in late December.
“Linamar’s long term vision is to focus on six markets where we see significant market and technology evolution over the coming decades as a result of key global trends that are under way,” said Linda Hasenfratz, Linamar’s executive chair and CEO, during an online press conference in December. “Food and agriculture is a key market in this long-term vision, and we are rapidly enhancing our footprint in that market.
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“We’re calling this our third down project,” added Jim Jarrell, Linamar president and COO. “This is the third short-line acquisition we’ve done to build our powerhouse company, to hit the strategy of feeding the world. If you go back to the day when we bought MacDon, this (Bourgault) was a clear target and discussion point we thought was complimentary. Also as part of the transaction we’re acquiring the business of Freeform plastics and the Highline manufacturing line”
Both Freeform Plastics, which builds plastic tanks for ag applications, and Highline, an implement brand, are divisions of Bourgault.
Hasenfratz said the focus at Linamar is on acquiring shortline equipment manufacturers that produce specialized products which the major manufacturers don’t hold a dominant market share in.
The deal saw Linamar buy 100 per cent equity in Bourgault for CAD $640 million. Current president Gerry Bourgault will step away from the company, although the remainder of the management team will remain in place.
Linamar said it doubled MacDon’s business if five years and hopes to do the same with Bourgault.
