Martinrea Invests Nearly $35 Million to Expand Ridgetown, Ontario Facility, Adding 3000t Stamping Press for the Production of Larger and More Complex Automotive Parts
TORONTO, June 06, 2024 (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 plans to invest nearly $35 million to expand its 100,000-square-foot facility in Ridgetown, Ontario with a new addition to house a new SIMPAC 3000 metric ton stamping press. The project is slated for completion by early 2025.
The new stamping press will allow for the production of larger and more complex parts for customers, including body-in-white components, battery enclosures and chassis parts. It will also enhance production efficiency and quality, minimizing waste and energy consumption. This initiative is part of Martinrea's strategy to expand its presence and capabilities in the North American market, addressing the increasing demand for lightweight, high-strength metal solutions in the automotive industry.
“This expansion demonstrates our commitment to innovation, operational excellence, and customer satisfaction," said Pat D'Eramo, Chief Executive Officer of Martinrea International Inc. "It further expands our capabilities as a global supplier in Canada and prepares us for future growth opportunities. We thank our employees, customers, and the local community, who have been instrumental in our success.”
The Ridgetown plant, which was established in 1987 and acquired by Martinrea in 2006, currently employs approximately 150 people and produces several metal stampings and welded assemblies for the automotive industry. The plant is one of Martinrea's 56 locations across 10 countries, serving the global automotive industry.
“We are proud to expand operations, build quality products and increase services for our customers with the municipality of Chatham-Kent,” said Don Gillier, General Manager, Martinrea Ridgetown. “This investment will continue to create opportunities for our employees and their families, ensuring a bright future for all.”
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 employs more than 19,000 talented and motivated people and operates in 56 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.
MEDIA CONTACT:
Deanna Lorincz
Global Director, Communications and Marketing
deanna.lorincz@martinrea.com
Tel: 586.634.1766
INVESTOR RELATIONS:
Neil Forster
Director, Investor Relations and Corporate Development
neil.forster@martinrea.com
Tel: 647.210.2385
