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The Canadian Press March 5, 2009 at 5:49 PM EST
Linamar Corp. cut its quarterly dividend in half on Thursday as the auto parts maker reported a fourth-quarter loss. The company said it would pay a quarterly dividend of 3 cents per share, down from 6 cents in the previous quarter.
Linamar said the reduction was "a prudent step" and was "in the best interests of the company."
Linamar CEO Linda Hasenfratz was not available for Comment.
Read the full story in the Globe and Mail
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After painting an anti-Linamar message on a downtown water tower last week, vandals struck the Hasenfratz family home.
Linda Hasenfratz is the Chief Executive Officer of Linamar, a multi-billion dollar auto-parts manufacturer with many plants and headquartered in Guelph, Ontario, Canada.
The area in front of the country home was spray-painted with anti-Linamar messages.
Police are investigating both incidents, said Crystal Roberts, a Linamar spokesperson.
"The vandalism last week, to both the Guelph water tower and Hasenfratz home, is a serious issue, and of concern to both Linamar and the Hasenfratz family," she said in an e-mail.
She said Linamar has increased security at the Hasenfratz home and at its facilities.
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CEO of Linamar,
Linda Hasenfratz, said yesterday that if people think that having a unionized plant would have retained the 500 lost jobs of weeks past, they're crazy. Further, "What about the CAW workers in the auto plants that are shut down?". Hasenfratz maintains that Linamar's priority is split equitably between employees, customers, and shareholders.
From the Guelph mercury...
About 100 CAW representatives were in Guelph yesterday handing out information packages to Linamar workers.
They started getting calls from employees wanting to join the union after the company laid off about 500 people last week, said John Aman, an organizing director with the CAW.
"The layoffs were almost the straw that broke the camel's back," Aman said. "People don't realize the need for representation, but at crunch time, decisions need to be made. In a unionized environment, workers have a say.
"Workers aren't stupid. They know industry is facing tough times -- they just don't think they should bear the brunt," he said.
The CAW workers were handing out envelopes of information, including a contact slip.
"We will be waiting to get the information from those envelopes, and from e-mail and phone," said Vinay Sharma, a national representative with the union.
"If a lot of people are interested, we will do what it takes."
Linamar has kept unions out of its plants by developing a one-on-one relationship with workers, chief executive Linda Hasenfratz said.
"We value our direct relationship with our employees," she said in response to the leaflet campaign. "We have a philosophy of our employees being of equal importance to our customers and shareholders, and I think people know that.
"I think they appreciate that and know that when we have to make tough decisions like last week, we try to balance as best as we can between employees and shareholders."
She said CAW was suggesting that if Linamar was unionized, the layoffs wouldn't have happened. That's "crazy," she said.
"What about the tens of thousands of employees who are unionized CAW members whose plants have been shut down?" she asked.
None of Linamar's Guelph plants are unionized.
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Chief Executive Officer - Linamar CorporationLinda Hasenfratz was named Chief Executive Officer of Linamar Corporation in August 2002. She had been President of Linamar Corporation from April 1999 to August 2004. From September 1997 to September 1999 Ms. Hasenfratz was also Chief Operating Officer of the Company. Ms. Hasenfratz joined Linamar Corporation in July 1990 and embarked on an extensive training program to gain familiarity with all aspects of the business. Positions held in the Corporation range from machine operator to Operations Manager. Ms. Hasenfratz completed an Executive MBA from the Ivey School of Business at the University of Western Ontario in June 1997. In addition, Ms. Hasenfratz holds an Honors Bachelor of Science degree from the same institution.
Board and Council Memberships: CIBC Board of Directors – Spring of 2004; Foundation Board of Directors, Royal Ontario Museum – appointed Spring 2002; and Catalyst.
Ms. Hasenfratz has been a director of Linamar Corporation since 1998.
Linda Hasenfratz was born in Guelph, Ontario, in 1966. She holds an Honours Bachelor of Science from the University of Western Ontario and completed an Executive M.B.A. from the Ivey School of Business at the same university in 1997. She is Chief Executive Officer of Linamar Corporation.
She was Materials Manager of the Traxie subsidiary and in 1995 became Operations Manager for the start up of Comtech Manufacturing Ltd. She was named General Manager of Comtech and Vehcom Manufacturing in 1997. Ms. Hasenfratz was named Chief Operating Officer of Linamar in 1997 and President in 1999, before assuming her current position in 2002.
Ms. Hasenfratz is a member of the board of directors of the Canadian Imperial Bank of Commerce, the Catalyst Canadian Board of Advisors, the Royal Ontario Museum, and the Original Equipment Manufacturers Association.
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