One of the trends in Canadian investing in recent years has been for companies to expand internationally. This strategy can diversify a company’s customer base and add revenue. But it can also add risk.
Linamar Corp. (Toronto symbol LNR; www.linamar.com) makes engines, transmissions and other precision-machined parts for the North American, European and Asian car and truck markets. The company has 39 plants in Canada, the U.S., Mexico, Germany, France, Hungary, South Korea and China.
The company gets 90% of its revenue by selling auto parts. It gets the remaining 10% from industrial products, like its Skyjack self-propelled, scissor-type elevating work platforms. Linamar also makes parts for lawnmowers, wind turbines and drilling equipment.
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Canadian investing: Europe and Asia loom large in Linamar’s plans
To cut its reliance on the North American auto industry, Linamar is expanding overseas. It now gets 30% of its revenue from its international operations, up from 20% five years ago.
For example, Linamar recently paid $26.6 million for three plants in France. These facilities supply cylinder heads, engine blocks, gears and other parts for large engines and transmissions to French carmakers Renault and Peugeot.
The company is also seeking growth in Asia. It opened its first plant in China in 2009, and aims to build two more over the next few years.
Linamar is in our Aggressive Growth Portfolio. In the latest edition of our flagship advisory on Canadian investing, The Successful Investor, we take a close look at the added risk, and potential rewards, of Linamar’s international expansion. We conclude with our clear buy-sell-hold advice on the stock.
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