Martinrea International Inc.
TSX : MRE

Martinrea International Inc.

January 31, 2014 08:00 ET

Martinrea International Inc. Announces Terry Lyons as a New Director

TORONTO, ONTARIO--(Marketwired - Jan. 31, 2014) - Martinrea International Inc. (TSX:MRE) ("Martinrea" or the "Company") is pleased to announce that Terry Lyons has joined its board of directors effective February 1, 2014. He has also become a member of Martinrea's Corporate Governance and Nominating Committee.

Mr. Lyons has over 39 years of experience in the development, financing and management of natural resource, manufacturing, real estate and merchant banking companies. He is a member of the Institute of Corporate Directors and sits on the British Columbia ICD Board. Mr. Lyons currently serves as the lead independent director and chairman of the Audit Committee of Canaccord Genuity Group Inc. (TSX:CF), as well as a director of Canaccord's subsidiaries in the U.K., U.S., Canada, Australia and Asia. He is also a director and chairman of Sprott Resource Corp. (TSX:SCP) and a director and chairman of Polaris Minerals Corporation (TSX:PLS). Mr. Lyons is past chairman of Northgate Minerals Corporation, which was acquired by Aurico Gold creating a new mid-cap gold company with a value of over $2.5 billion, and Eacom Timber Corporation recently sold to a private equity firm for $300 million.

Rob Wildeboer, Martinrea's executive chairman, stated: "We welcome Terry Lyons to our board. He brings vast operational, financial and governance experience and we are confident that he will add tremendous value to our board and committee."

The Company also announced that Suleiman Rashid, a long standing director of the Company, had indicated that he would be retiring from the board at the Company's next annual general meeting of shareholders. Mr. Rashid, the chair of the Audit Committee of Martinrea's board, will continue to serve through the Company's year-end audit until that meeting.

Wildeboer added: "We thank Suleiman Rashid for his tremendous efforts and dedication to us over the years. Sul has seen the company increase its revenues a thousand fold since he joined as a director, and his guidance and integrity have been invaluable. He indicated last year this would be his last before retirement as a director, and we will miss him in that role."

The Company remains committed to effective governance that results in good corporate performance. At the 2013 annual shareholders meeting, six directors were elected to the board, including a new director, Scott Balfour. In its most recent quarterly call, the Company indicated that it plans to add two additional independent directors with automotive/industrial/business and financial/governance experience. With Mr. Lyons' appointment and Mr. Rashid's impending retirement, the Company will continue to look for an additional two independent directors to join the board.

About Martinrea International Inc.

Martinrea International Inc. (TSX:MRE) is a leader in the production of quality steel and aluminum metal parts, assemblies and modules and fluid management systems focused primarily on the automotive sector. Operating 38 plants in North America, South America, Europe and Asia, the Company is a Tier One supplier, serving vehicle manufacturers, automotive suppliers and other industrial sectors worldwide. For more information visit our website at www.martinrea.com.

Contact Information

  • Martinrea International Inc.
    Rob Wildeboer
    Executive Chairman
    (416) 749-0314
    (289) 982-3001 (FAX)
    www.martinrea.com