GUELPH, Ont. — Linamar Corp. says it's reached an agreement to acquire Bourgault Industries Ltd. in a deal worth $640 million.

The Guelph-based company says Bourgault is a world-class agriculture equipment manufacturer.

Linamar says Bourgault will become part of its new agriculture division within its wider industrial segment.

Linamar CEO and executive chair Linda Hasenfratz says the acquisition offers "tremendous opportunity" for her company to diversify and grow its agriculture platform.

COO and president Jim Jarrell says Bourgault is Linamar's third strategic acquisition of 2023 and will help it better serve the core Western Canadian and U.S. Midwest farm base.

The deal is expected to close in the first quarter of 2024.

This report by The Canadian Press was first published Dec. 20, 2023.

Companies in this story: (TSX:LNR)

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