UPDATE 1-Linamar to create own sales force, cut costs

Newswire

(Adds details. Figures in U.S. dollars unless noted) TORONTO, Jan 19 (Reuters) - Linamar Corp. said on Monday it would pay $18.2 million to terminate deals with sales agents and create a sales organization of its own. The Guelph, Ontario-based auto parts maker said the buyout would be accounted for as a one-time cost in the fourth quarter, adding the new sales staff will cost $4.4 million a year starting in 2004. Linamar, with about 9,000 employees and 30 plants, said the Detroit-based ...

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