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 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:
|
Rob
Wildeboer |
98.33% |
|
Fred Olson |
97.42% |
|
Terry Lyons |
95.66% |
|
Roman Doroniuk |
99.77% |
|
David Schoch |
99.94% |
|
Molly Shoichet |
99.93% |
|
Sandra Pupatello |
99.82% |
|
Pat D’Eramo |
98.85% |
|
|
|
Additionally, Martinrea’s advisory “say on pay” vote received
98.63% support based on proxies received prior to the meeting.
ABOUT MARTINREA
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.
FORWARD-LOOKING INFORMATION
Special Note Regarding Forward-Looking
StatementsThis 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;
- competition;
- 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
- dividends.
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:
Rob WildeboerExecutive ChairmanMartinrea International Inc.3210
Langstaff RoadVaughan, Ontario L4K 5B2Tel: 416.749.0314Fax:
289.982.3001
Fred Di TostoChief Financial OfficerMartinrea
International Inc.3210 Langstaff RoadVaughan, Ontario L4K 5B2Tel:
416.749.0314Fax: 289.982.3001
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