Canadian auto parts maker Linamar Corp. said Monday it is making its first venture into the United Kingdom, announcing the acquisition of a plant in Wales.
Linamar, which is headquartered in Guelph, Ont., said it is buying a former Visteon plant in Swansea. The acquisition brings with it 400 employees.
Financial terms were not disclosed.
"The location gives Linamar a new springboard into Europe, particularly for engine-related components and modules, given its engine-focused history," said Linda Hasenfratz, Linamar's CEO, in a release.
The company said it plans to modernize the plant and introduce new products, including camshafts, fly wheels and connecting rods.
Shares of Linamar slipped 52 cents to close at $11.85 on the TSX.
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