TORONTO, June 10, 2020 (GLOBE NEWSWIRE) -- Martinrea International Inc. (MRE.TO), 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 results of the election of directors at its annual general meeting.
Rob Wildeboer, the Company’s Executive Chairman stated: “We would like to thank our shareholders for their overwhelming show of support. The voting results were very positive. As a board, we will continue to do our best for the Company and our shareholders.”
Mr. Wildeboer added: “At our meeting, the Company’s executive leadership presented an overview of the macro environment in which we operate, how we are dealing with current challenges and opportunities, our strategies, operations and financial position, and of course our culture, which is a source of strength for us.”
Pat D’Eramo, the Company’s President and CEO stated: “Martinrea, along with most of our OEM customers have restarted operations following the COVID-19 related shutdowns, and we are pleased with the progress made over the last few weeks. Though the restart has been slow, volumes are rising steadily, and we expect the recovery to gain momentum in the back half of this year. The shutdowns enabled us to accelerate the pace of our program management and operational improvements, which should support continued strong financial performance as industry volumes recover. We are very thankful to the Martinrea team for their efforts during this difficult time.”
Martinrea held an annual general meeting on June 9, 2020. A total of 58,806,834 Common Shares, or 73.54% of the issued and outstanding Common Shares, were voted at the meeting. Shareholders voted in favour of all items of business, including the election of each director nominee by a substantial majority as follows:
Additionally, Martinrea’s advisory “say on pay” vote received 98.63% support based on proxies received prior to the meeting.
Martinrea 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 operates in 57 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. The Company’s mission is to make people’s lives better by: delivering outstanding quality products and services to our customers; providing meaningful opportunity, job satisfaction, and job security for our people; providing superior long-term investment returns to our stakeholders; and being positive contributors to our communities. For more information on Martinrea, please visit www.martinrea.com. Follow Martinrea on Twitter and Facebook.
Special Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of applicable Canadian securities laws including statements and expectations related to volumes, the future recovery of the automotive industry, the contribution of shutdowns to supporting continued strong financial performance as industry volumes recover, as well as other forward-looking statements. The words “continue”, “expect”, “anticipate”, “estimate”, “may”, “will”, “should”, “views”, “intend”, “believe”, “plan”, “outlook” 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 (FX), timing of product launches and operational improvements during the period and current Board approved budgets. Certain forward-looking financial assumptions are presented as non-IFRS information, and we do not provide reconciliation to IFRS for such assumptions. 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 Management Discussion and Analysis (including about the trends and risks from Covid-19) and Annual Information Form and other public filings which can found at www.sedar.com:
- North American and global economic and political conditions and epidemics or pandemics;
- the highly cyclical nature of the automotive industry and the industry’s dependence on consumer spending and general economic conditions;
- the Company’s dependence on a limited number of significant customers;
- financial viability of suppliers;
- the Company’s reliance on critical suppliers and on suppliers for components and the risk that suppliers will not be able to supply components on a timely basis or in sufficient quantities;
- the increasing pressure on the Company to absorb costs related to product design and development, engineering, program management, prototypes, validation and tooling;
- increased pricing of raw materials and commodities;
- outsourcing and insourcing trends;
- the risk of increased costs associated with product warranty and recalls together with the associated liability;
- product development and technological change;
- the Company’s ability to enhance operations and manufacturing techniques;
- dependence on key personnel;
- limited financial resources/uncertainty of future financing/banking;
- risks associated with the integration of acquisitions;
- risks associated with private or public investment in technology companies;
- the risks associated with joint ventures;
- costs associated with rationalization of production facilities;
- launch and operational costs;
- labour relations matters;
- trade restrictions;
- changes in governmental regulations or laws including any changes to trade;
- litigation and regulatory compliance and investigations;
- quote and pricing assumptions;
- currency risk;
- fluctuations in operating results;
- internal controls over financial reporting and disclosure controls and procedures;
- environmental regulation and climate change;
- the impact of climate, political, social and economic risks, natural disasters and pandemics in the countries in which we operate or sell to, or from which we source production;
- a shift away from technologies in which the Company is investing;
- competition with low cost countries;
- the Company’s ability to shift its manufacturing footprint to take advantage of opportunities in emerging markets;
- risks of conducting business in foreign countries, including China, Brazil and other markets;
- potential tax exposures;
- a change in the Company’s mix of earnings between jurisdictions with lower tax rates and those with higher tax rates, as well as the Company’s ability to fully benefit from tax losses;
- under-funding of pension plans;
- the cost of post-employment benefits;
- impairment charges;
- cybersecurity threats;
- the potential volatility of the Company’s share price; and
These factors should be considered carefully, and readers should not place undue reliance on the Company’s forward-looking statements. The Company has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
The common shares of Martinrea trade on The Toronto Stock Exchange under the symbol “MRE”.
For further information, please contact:
Martinrea International Inc.
3210 Langstaff Road
Vaughan, Ontario L4K 5B2
Fred Di Tosto
Chief Financial Officer
Martinrea International Inc.
3210 Langstaff Road
Vaughan, Ontario L4K 5B2