Martinrea International Inc. Announces Acquisition of Effenco Development Assets
TORONTO, Feb. 27, 2023 (GLOBE NEWSWIRE) -- 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 . Follow Martinrea on and .
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 .
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