Martinrea International Inc. Announces Acquisition of Effenco Development Assets
February 27 2023 - 8:05AM
Martinrea International Inc. (TSX : MRE) a diversified and global
automotive supplier engaged in the design, development and
manufacturing of highly engineered, value-added Lightweight
Structures and Propulsion Systems, today announced the acquisition
of the assets of Montreal-based Effenco Development Inc., which
were acquired in 2022.
Effenco is an award-winning Green-Tech business that designs,
manufactures and markets technologies for the electrification and
connectivity of heavy duty vocational trucks.
The Effenco Hybrid Electric solution augments the vehicle’s
powertrain and electrifies the onboard equipment utilizing a unique
ultracapacitor-based technology. The technology creates value by
helping to reduce greenhouse gas emissions, engine usage hours,
fuel consumption, noise pollution, and related maintenance.
Supporting Effenco’s development activities is its real-time
vehicle operations database, helping to ensure reliable performance
for various applications and equipment. In addition, having
collected over 1 million hours of real-world operating data,
combined with its proprietary artificial intelligence algorithms,
Effenco is well positioned to pursue its path in heavy-duty
electrification.
Effenco is a Global Cleantech 100 company, and a global
technology leader in the innovative use of ultracapacitors where
alternative electrification solutions do not meet the requirements
for heavy duty applications. Effenco is also a winner of the “Solar
Impulse Efficient Solution” Label supporting fast-track
implementation of environmental solutions.
“We are very pleased with this acquisition,” said Pat D’Eramo,
President and CEO, Martinrea International Inc. “Effenco aligns
with our vision, mission, and corporate strategy and, with
Martinrea’s manufacturing and supply chain expertise, we expect to
be able to grow the business and bring further value to our
customers. We welcome the members of the Effenco team to our
Martinrea family.”
“This acquisition will further align with Martinrea’s
sustainability and innovation initiatives,” said Rob Wildeboer,
Executive Chairman. “We see many opportunities in the
electrification space, and leveraging our MiND (Martinrea
Innovation Development) initiative, we have investments in graphene
and graphene-enhanced batteries, aluminum air batteries, and
heavy-duty electrification solutions. Our global manufacturing
capabilities are crucial to the success of these initiatives.”
About Martinrea International Inc.
Martinrea International Inc. (TSX: MRE) is a leader in the
development and production of quality metal parts, assemblies and
modules, fluid management systems, and complex aluminum products
focused primarily on the automotive sector. Martinrea currently
operates in 58 locations in Canada, the United States, Mexico,
Brazil, Germany, Slovakia, Spain, China, South Africa, and Japan.
Martinrea's vision is making lives better by being the best
supplier we can be in the products we make and the services we
provide. For more information on Martinrea, please visit
www.martinrea.com. Follow Martinrea on Twitter and Facebook.
The common shares of Martinrea trade on The Toronto Stock
Exchange under the symbol “MRE”.
Cautionary Statement on Forward-Looking
Information:
This Press Release and the documents incorporated by reference
therein may contain forward-looking statements within the meaning
of applicable Canadian securities laws. The words “continue”,
“expect”, “anticipate”, “estimate”, “may”, “will”, “should”,
“views”, “intend”, “believe”, “plan” and similar expressions are
intended to identify forward-looking statements. Forward-looking
statements are based on estimates and assumptions made by the
Company in light of its experience and its perception of historical
trends, current conditions and expected future developments, as
well as other factors that the Company believes are appropriate in
the circumstances, such as expected sales and industry production
estimates, current foreign exchange rates, timing of product
launches and operational improvement during the period, and current
Board approved budgets. Many factors could cause the Company’s
actual results, performance or achievements to differ materially
from those expressed or implied by the forward-looking statements,
including, without limitation, the following factors, some of which
are discussed in detail in the Company’s most recent Annual
information Form and MD&A and other public filings which can be
found at www.sedar.com.
For further information, please contact:
Media Contact:Deanna Lorincz,
Global Director, Communications and MarketingE-mail:
deanna.lorincz@martinrea.comTel: 248.392.9727Mobile:
586.634.1766
Investor Relations Contact: Neil
Forster – Director, Investor Relations and Corporate
DevelopmentE-mail: neil.forster@martinrea.comTel:
289.982.3020Mobile: 647.210.2385
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