VAUGHAN, Ontario, March 01, 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, announced the release of its 2023 Sustainability Report. This report showcases Martinrea’s commitment to Environmental, Social, and Governance (ESG) by featuring sustainability achievements over the past year and our strategy for further improvement.

“As a Company, our people recognize the need to truly make a difference and ‘Leave it Better’ is going to require innovative thinking and creativity,” said Pat D’Eramo, CEO. “By utilizing our expertise in product development and lightweighting technologies, we are committed to advancing our sustainability initiatives; helping to decrease global carbon emissions and remain ahead of market changes.”

“Our sustainability and success also comes down to culture, as emphasized in our 2023 Sustainability Report,” said Rob Wildeboer, Executive Chairman. “It's this culture that not only makes us a great company but also solidifies our competitive advantage, enabling us to truly ‘Leave it Better’ for generations to come.”

The 2023 Sustainability Report highlights various achievements and notable accomplishments, including:

• In 2022, we committed to reduce our carbon emissions by 35 percent by 2035. To reach this goal, we are focusing on energy optimization projects throughout all our plants and gradual global expansion of renewable electricity sources, while not relying on purchasing carbon offset credits.
  
• We cut energy intensity by 23%, carbon intensity by 32% and we reduced absolute carbon emissions by 6% since our 2019 baseline, highlighting our sustainability initiatives and environmental responsibility.
  
• We further contributed to reducing our carbon emissions by installing onsite solar panels at our facilities in Spain. This installment enables us to utilize renewable energy to help power our operations.
  
• We received a B- for CDP climate change disclosure, in recognition of our management of climate issues. This score surpasses not only the North American regional average but also the metal products manufacturing sector average.
  
• We have demonstrated our commitment to responsible waste management by diverting more than 90% of all waste from landfills in 73% of our facilities. Our company wide Zero Landfill initiative is making significant progress in minimizing our environmental impact.

• We achieved a 12.2% increase in sales in 2023, demonstrating our capacity for prudent and profitable growth. Adjusted net income also increased by 24.6%, while our employee count has increased by 3.3%, providing more opportunities to the people in the communities where we operate.
  
• Our Accident Frequency Rate has seen an 87% improvement since 2014 and a 50% improvement since 2019. This underscores our unwavering commitment to employee health and safety, as we strive to create a secure work environment for all.
  
• We were honoured with the 2023 CADIA Impact Award for Systemic Change and also received the Leadership Commitment Award. Martinrea continues to lead in advancing Diversity, Equity, and Inclusion goals and initiatives throughout our organization. These awards highlight our commitment to fostering a diverse and inclusive workplace culture.
  

To view or download Martinrea’s 2023 Sustainability Report, visit: www.martinrea.com/sustainability/

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 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.

Cautionary Statement on Forward-Looking Information:

This News 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 factors 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.sedarplus.ca. 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.

For further information, please contact:

Media Contact:
Deanna Lorincz, Global Director, Communications and Marketing
E-mail: deanna.lorincz@martinrea.com
Mobile: 586.634.1766

Investor Relations Contact:
Neil Forster – Director, Investor Relations and Corporate Development
E-mail: neil.forster@martinrea.com
Tel: 289.982.3020
Mobile: 647.210.2385