GUELPH, Ontario — A Canadian auto-parts supplier signed an agreement last month with former SkyJack president Wolf Haessler and Haessler Corp. to purchase 4.2 million common shares of SkyJack and become majority owners of the aerial work platform manufacturer.
The share purchase will give the partnership, controlled by Linamar Corp. — a global manufacturer of precision-machined components, assemblies and castings primarily for the automotive industry — 51 percent of the current outstanding common shares.
The Skyjack shares to be contributed to the partnership by Haessler are valued for the purposes of the transaction at $22.9 million Canadian (US $14.9 million) or $5.42 per share ($3.54). The price is a 12.7 percent premium to the average trading price of Skyjack's common shares for the past 20 days of trading on the Toronto Stock Exchange.
“We feel the investment has excellent potential financially, great growth potential and a good synergy with our European business,” said Linamar president Linda Hasenfratz.
“A combination of Linamar's expertise in high volume manufacturing is an excellent complement to Skyjack's market growth and product development expertise,” said Haessler.
The parties expected to complete definitive agreements and close the proposed transaction by the end of May. Executives from Skyjack were unavailable for comment.
Linamar, also based in Guelph, employs more than 8,600 people in 30 manufacturing facilities in Canada, the United States, Mexico and Hungary.
