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GUELPH — Linamar emerged from the “stomach-churning ride” of 2009 with less debt and an appetite for a bigger chunk of new markets beyond <a href=" https://www.ucarshop.com/"> Auto parts</a>, an upbeat annual general meeting heard Tuesday.

Ted Mahood, chief financial officer and treasurer of Linamar, told about 100 shareholders, who joined company officials at the Frank Hasenfratz Centre of Excellence in Manufacturing on Woodlawn Road, they can still expect bumps ahead but said the overall picture is one of recovery.

“We must be doing better, because I noticed they’re putting knives back out on the refreshment table outside,” Mahood joked to the audience.

Linamar posted a loss of $46.9 million on sales of $1.67 billion last year, one of the worst years in automotive manufacturing history.

The Guelph-based company returned to profitability in the fourth quarter of 2009, and has remained profitable into the first three months of 2010.

Chief executive officer Linda Hasenfratz said Linamar is preparing to build back its workforce, target new markets in Asia, and diversify into green technology, such as solar panels and wind turbines in 2010.

Linamar shares were trading at a 2009 low of $2.30 last March. They closed Tuesday at $23.06.

The tone of the meeting was optimistic, with company officials congratulating each other for strong teamwork and leadership during difficult economic times.

Hasenfratz described 2009 as a “stomach-churning ride,” but said the company positioned itself well for a recovery while many other auto manufacturers simply collapsed.

The company acquired $752 million in new business in 2009, and posted strong growth in the energy sector, said chief operating officer Jim Jarrell.

Linamar announced last week that it would partner with German-based NCB Lohmann to produce wind turbine components for North American customers.

Company officials said they will seek to take advantage of the growth in the market for green energy, including turbine parts and solar panel production. Seven Guelph manufacturing plants will be involved in solar panel component manufacturing and engine assembly.

“Developing products that are more fuel efficient, that have lower emissions are what our vehicle customers are looking for,” Hasenfratz said. “And focusing on the kind of markets that are more environmentally beneficial is going to give us lots of opportunity, because those are the markets of the future.”

Hasenfratz added the company will look to expand its market globally in the coming years, noting Linamar has not yet tapped into the massive potential of the car parts market in South Asia.

“We’ve been able to grow Linamar to almost $2 million in sales with a primary focus on the North American marketplace,” she said. “Imagine what we can do with a broader global picture as our target market.”

Steve Rodgers, president of the Automotive Parts Manufacturers’ Association, said Linamar is well-positioned to take on a larger global market.

“They’re reaching out into Europe and Asia, and with their skill set, capability, and their range of products, their ability to become more of a global player certainly bodes well for their future,” Rodgers said.

But while Linamar’s sudden rebound is good news for shareholders, Rodgers noted it won’t necessarily translate into new jobs. He said hiring in auto parts manufacturing isn’t keeping pace with the industry’s recovery because companies are still trying to remain as lean as possible.

“We saw a ramp-up in production, but the creation of jobs hasn’t been there in same way,” he said, adding that hiring may pick up later this year.

Linamar cut about 5,000 jobs internationally since the recession began, reducing its workforce from around 12,000 to 7,000 during 2009. Currently, the company employs about 10,000 people, more than half of whom work in Guelph.

“We’ve already done a lot of hiring back, which certainly people in Guelph would have noticed,” Hasenfratz said after the meeting. “There’s a lot of new business we’re launching that’s certainly going to have an impact on the employment base as well, so it’s a positive picture.”