Martinrea International Inc. Publishes 2023 Sustainability Report

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.