Linamar Corporation has entered into an agreement to acquire 100 percent of the issued and outstanding equity of the Salford Group, a company that manufactures tillage and precision application equipment.
Under the terms of the agreement, Linamar will pay approximately CDN$260 million to Salford Group's shareholders, subject to ordinary transaction adjustments. The purchase is expected to close during the second quarter of 2022, subject to the satisfaction of customary closing conditions, including the receipt of required regulatory approval.
The acquisition of the Salford Group will expand Linamar's agriculture's portfolio, which is currently anchored by MacDon Industries Limited. Following the acquisition, Salford Group will continue to leverage its established manufacturing and distribution network to sell products under the Salford brand.
Salford Group, founded in 1978 is headquartered in Salford, Ontario (Canada) with three manufacturing locations in Canada and two manufacturing locations in the United States. The Salford product lineup includes both pneumatic and spinner type fertilizer spreaders, cover crop seeders and a range of tillage equipment.
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