Linamar Corp. LNR-T says supply chain challenges and labour shortages deteriorated in the fourth quarter to materially hit both revenue and margins.
The manufacturer says in a market conditions update Tuesday that it expected global light vehicle production to have climbed higher than expected in the fourth quarter, but higher costs for labour and logistics will weigh on its results.
Guelph, Ont.-based Linamar says the labour and supply chain issues have “acutely impacted” its ability to deliver products in its industrial segments.
The company also says chief executive Linda Hasenfratz has been named chair of its board of directors.
The appointment comes after the death of Frank Hasenfratz, founder and executive chair of Linamar, earlier in January.
The company also says Jim Jarrell, president and chief operating officer, has been appointed as a director of the company until the election of directors at its annual general meeting.
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