GUELPH, ON, Jan. 8, 2022 /CNW/ - It is with profound sadness that the Board of Directors of Linamar Corporation announces the passing of the Company's Founder, beloved leader and long-time Executive Chairman, Frank Hasenfratz. Mr. Hasenfratz passed away peacefully on January 8th, 2022 at his home surrounded by his family after a courageous battle with cancer. He was 86 years old. The Corporation and its 26,000 employees extend their deepest sympathies to the Hasenfratz, Newton and Stoddart families for their loss.
"It is with a heavy heart that we announce the passing of my father, Frank Hasenfratz," said Linamar CEO Linda Hasenfratz in a statement. "It was his vision and unrelenting drive that enabled us to build the company that Linamar is today. He leaves a tremendous legacy on the Canadian business landscape, changed the lives of so many, and provided careers, livelihoods and opportunities for thousands of people. He inspired and taught so many, myself most profoundly, and his spirit will live on in each of us as we continue to build the legacy of Linamar."
Born in Hungary in 1935 and immigrating to Canada in 1957 following the Hungarian Revolution, Frank Hasenfratz is an inspiration for what can be achieved through hard work, determination and the entrepreneurial spirit. Frank began Linamar as a one-man operation in the basement of his family home north of Guelph, Ontario in 1966. His toolmaking and machinist experience along with his determination built the foundation for what has become a globally recognized multinational corporation that reflects his image and culture. Frank's journey is the great Canadian success story.
Among his many accomplishments, Frank was honoured as the Canadian Entrepreneur of the Year, inducted into the Canadian Manufacturing Hall of Fame and the Canadian Business Hall of Fame, and was appointed to the Order of Canada.
Frank was a generous supporter of the greater Guelph community that helped grow his company and donated to numerous philanthropic causes including the Guelph General Hospital, Western University, St. Joseph's Foundation and of the local performance arts.
Frank will most fondly be remembered in the halls and on the production shop floor at Linamar Corporation where he mentored a generation of manufacturing and business leaders. At Linamar, we will continue to live by Frank's words to strive to continuously improve, act quickly and decisively, set goals and track progress and always "Do What We Do Best, Better".
Though his business accomplishments are unparalleled, Frank was first and foremost a family man. He joins his late wife, Margaret Hasenfratz, and leaves behind his daughter Linda and son-in-law Ed and their four children, as well as daughter Nancy and son-in-law Mark.
As a matter of corporate governance related to the Executive Chair position, the Board of Directors has a succession and renewal plan in place which will be implemented in the coming weeks and will be announced to shareholders and the public in due course.
Funeral arrangements will be posted in the coming days.
Linamar Corporation (TSX:LNR) is an advanced manufacturing company where the intersection of leading-edge technology and deep manufacturing expertise is creating solutions that power vehicles, motion, work and lives for the future. The Company is made up of two operating segments – the Industrial segment and the Mobility segment, both global leaders in manufacturing solutions and world-class developers of highly engineered products. The Industrial segment is comprised of Skyjack and MacDon. Skyjack manufactures scissor, boom and telehandler lifts for the aerial work platform industry. MacDon manufactures combine draper headers and self-propelled windrowers for the agricultural harvesting industry. The Mobility segment is subdivided into three regional groups: North America, Europe and Asia Pacific. Within the Mobility segment, the regional groups are vertically integrated operations combining expertise in light metal casting, forging, machining and assembly for both the global electrified and traditionally powered vehicle markets. The Mobility segment products are focused on both components and systems for new energy powertrains, body and chassis, driveline, engine and transmission systems of these vehicles. McLaren Engineering provides design, development, and testing services for the Mobility segment. Linamar has 26,000 employees in 60 manufacturing locations, 12 R&D centres and 25 sales offices in 17 countries in North and South America, Europe and Asia which generated sales of $7.4 billion in 2019. For more information about Linamar Corporation and its industry leading products and services, visit www.linamar.com or follow us on Twitter at @LinamarCorp.
Forward Looking Information, Risk and Uncertainties
Certain information regarding Linamar set forth in this document and oral summary, including management's assessment of the Company's future plans and operations may constitute forward looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results may differ materially from these anticipated in the forward-looking statements due to factors such as customer demand and timing of buying decisions, product mix, competitive products and pricing pressure. In addition, uncertainties and difficulties in domestic and foreign financial markets and economies could adversely affect demand from customers. These factors, as well as general economic and political conditions and public health threats, may in turn have a material adverse effect on the Company's financial results. Please also refer to Linamar's most current Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") and Annual Information Form ("AIF"), as replaced or updated by any of Linamar's subsequent regulatory filings, which set out the cautionary disclaimers, including the risk factors that could cause actual events to differ materially from these indicated by such forward looking statements. These documents are available at www.linamar.com/investors. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements. Content is protected by copyright and may not be reproduced or repurposed without express written consent by the Company.
SOURCE Linamar Corporation
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