TORONTO, April 23, 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, announces that in March, 2024, the Company was the lead investor in a financing round for Equispheres Inc., acquiring convertible preferred shares in the amount of US$6.0 million. This is the second investment the Company has made in Equispheres, following a C$1.0 million investment in April 2023.
Equispheres is a private company developing innovative technologies for the production and use of advanced materials, for instance, high-performance aluminum powder for additive manufacturing (3D printing) applications. The proven technology of Equispheres enables printing speeds that are up to nine times faster than industry standards, thereby lowering production costs by as much as 80%. This investment is part of a broader strategic relationship where Martinrea will provide Equispheres with advice on issues related to manufacturing, operations, and corporate strategy.
“Equispheres is a specialist in aluminum powder, and Martinrea is an expert in aluminum components. The high-performance powders that Equispheres supplies have the potential to address product development challenges by enhancing design flexibility,” said Pat D’Eramo, Chief Executive Officer. “This should enable us to provide increasingly complex and sophisticated assemblies and other products to our customers, or what we refer to as BreakThrough products. Equispheres’ continuing track record for driving performance improvements with additive manufacturing is truly impressive, opening doors to a wide variety of new and exciting higher-volume applications. The opportunities also extend beyond aluminum to other high-performance alloys.”
“We continue to forge strategic partnerships and invest in innovative companies through our Martinrea Innovation Development (MiND) initiative,” said Rob Wildeboer, Executive Chairman. “These partnerships are a great strategic benefit to our Company, as they enable us to introduce new, innovative products to the market, enhance our processes, lower cost, or some combination thereof. Our vision, of course, is making people’s lives better and all these initiatives are developing disruptive modern technologies we believe can change the world we live in. Equispheres is a perfect example, as their unique technology is expected to help lower the cost of additive manufacturing in automotive to the point where the production of 3D printed automotive components at scale is possible. We are excited about this strategic relationship, both as a customer, and as an investor in a business that has tremendous potential.”
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.
For further information, please contact:
Media Contact:
Deanna Lorincz, Global Director, Communications and Marketing
E-mail:
deanna.lorincz@martinrea.com
Tel: 248.392.9727
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
