GUELPH, Ont. (CP) -- Linamar Corp. has acquired its first factory in the United Kingdom, buying a 400-employee former Visteon plant in Swansea, Wales.
"The location gives Linamar a new springboard into Europe, particularly for engine-related components and modules, given its engine-focused history," Linda Hasenfratz, CEO of the Ontario-based parts maker, stated Monday.
The terms of the acquisition were not disclosed, but Linamar said the Swansea facility is a sister plant of its recently acquired Power Transfer Units business in Nuevo Laredo, Mexico.
Linamar plans a "substantial" investment to modernize the 200,000-square-foot Welsh plant and build the business with additional products such as camshafts, flywheels and connecting rods.
The Canadian investment was welcomed by Ieuan Wyn Jones, the Welsh minister for the economy and transport.
"Attracting investment from an extremely successful global manufacturing company of the calibre of Linamar is good news for Wales and for the long term future of the former Visteon Swansea facility," the minister said in a statement.
Linamar now has over 12,000 employees at 38 manufacturing sites including four others in Western Europe -- one in Germany and three in Hungary.