Latest news with #Martinrea
Hamilton Spectator
24-04-2025
- Business
- Hamilton Spectator
Martinrea International Inc. to Announce First Quarter Results on May 1, 2025
TORONTO, April 24, 2025 (GLOBE NEWSWIRE) — Martinrea International Inc. (TSX : MRE) today announced it will report its financial results for the first quarter ended March 31, 2025 on Thursday, May 1, 2025 after the markets close, and will hold a conference call to discuss the results the same day at 5:30 p.m. Eastern Time. To participate, please dial 416-641-6104 (Toronto area) or 800-952-5114 (toll free Canada and US) and enter participant code 9082769#. Please call 10 minutes prior to the start of the conference call. The conference call will also be webcast live in listen‐only mode and archived for twelve months. The webcast and accompanying presentation can be accessed at: There will also be a rebroadcast of the call available by dialing 905-694-9451 or toll free 800-408-3053 (Conference ID – 3278480#). The rebroadcast will be available until June 2, 2025. If you have any teleconferencing questions, please call Ganesh Iyer at 416-749-0314. The common shares of Martinrea trade on The Toronto Stock Exchange under the symbol 'MRE'. For further information, please contact: Neil Forster – Director, Investor Relations and Corporate Development Martinrea International Inc. 3210 Langstaff Road Vaughan, Ontario L4K 5B2 Tel: 289-982-3020 Fax: 289-982-3001
Yahoo
14-03-2025
- Automotive
- Yahoo
Daimler Truck subsidiary asks court to force Mexican supplier to ship parts
A subsidiary of Daimler Truck North America said it faces 'catastrophic' disruption to its manufacturing operation unless a federal court intervenes to keep its Mexico-based supplier from stopping parts shipments. Detroit Diesel Corp. (DDC) filed an amended complaint to its existing lawsuit against Martinrea Honsel Mexico SA de CV on March 4 in the U.S. District Court for the Eastern District of Michigan. The complaint asks the court to order Martinrea Honsel to keep shipping transmission housing parts DDC said it needs to produce heavy-duty trucks. Martinrea International sent a letter to DDC Feb. 10 stating that Martinrea Honsel would stop sending parts after March 7.'Inasmuch as the parts supplied by Martinrea pursuant to the [long-term agreement] are specially manufactured for DDC, and it is not commercially feasible for DDC to source these parts from an alternative supplier, the stop shipment threatened by Martinrea would have a catastrophic effect on DDC's operations, those of its original equipment manufacturer customer, and those of DDC's other suppliers, resulting in massive lost production, layoffs, and supply chain disruption, in addition to other irreparable harm,' DDC said in the March 4 complaint. Martinrea Honsel Mexico is an automotive parts supplier with a factory in Queretaro, Mexico. The company is a subsidiary of Martinrea International Inc., a Canadian auto parts manufacturer based in Vaughan, Ontario. The company cited a recent court ruling regarding release-by-release contracts, under which each release or order constituted a separate offer that the seller was free to accept or reject. 'The parties' Amended and Restarted Long Term Agreement states that DDC will purchase '1 part to 100% of DDC's needs for the parts. Under a recent decision by the Michigan Supreme Court, that does not obligate DDC to buy any precise share of its requirements from Martinrea Honsel. Instead it is a release-by-release contract. … Martinrea Honsel is free to stop accepting releases at any time, and it is exercising that right now,' according to a letter Martinrea International sent to sued Martinrea Honsul in June, alleging Martinrea is in breach of a parts contract to supply transmission housings DDC uses to manufacture vehicles. The two companies signed a long-term agreement in 2013 and extended the agreement in 2020. Martinrea's failure to keep up with orders caused DDC production losses of more than $18 million, DDC said. 'Martinrea began falling behind on its supply obligations in 2020, failing to meet the transmission housing volumes ordered by DDC and thereby breaching the [long-term agreement],' according to court filings. DDC said it notified Martinrea of its alleged breach of the contract, after which Martinrea Honsel blamed the COVID-19 pandemic for the disruption to service. 'Martinrea attempted to invoke a clause of the [long-term agreement] providing that neither party shall be liable to the other for any delay or failure to perform where such delay or failure is caused by events beyond the reasonable control of the affected party, citing the COVID-19 pandemic,' court filings said. Neither DDC nor Martinrea International responded to a request for comment from FreightWaves, and it was not immediately clear whether Martinrea stopped sending parts after March 7. DDC operates a manufacturing facility in Redford, Michigan, producing heavy-duty engines and chassis components. DDC's parent company is Daimler Truck North America, a subsidiary of German multinational corporation Daimler Truck AG. Daimler's brands include Freightliner, Western Star, Mercedes-Benz, Fuso, BharatBenz and next court hearing is scheduled for 3 p.m. Monday. The post Daimler Truck subsidiary asks court to force Mexican supplier to ship parts appeared first on FreightWaves.
Yahoo
05-03-2025
- Automotive
- Yahoo
Canada's auto parts industry faces 'existential threat' from tariffs, CIBC warns
Canadian automotive parts manufacturers face an 'existential threat' from U.S. tariffs, say analysts at CIBC Capital Markets downgrading shares of Linamar ( and Martinrea International ( on Wednesday while slashing price targets. Auto parts are particularly vulnerable to tariffs since they cross the Canada-U.S. border multiple times before incorporation in finished cars and trucks. U.S. President Donald Trump imposed a 25 per cent tariff on imported Canadian goods, with a 10 per cent levy on energy products, on Tuesday. The move prompted Canadian officials to respond with counter measures. On Wednesday, Trump granted a one-month tariff exemption for U.S. automakers on imports from Canada and Mexico. The move follows talks between the administration and leaders of the so-called "Big 3," Ford (F), General Motors (GM), and Stellantis (STLA). 'Prior to any tariff talk, we had viewed 2025 as a 'run-of-the-mill' challenging year,' CIBC Capital Markets analyst Krista Friesen wrote in a note to clients published prior to Wednesday's announcement. 'We view these tariffs as an existential threat to the industry.' Friesen downgraded her rating on Linamar and Martinrea shares to 'neutral' from 'outperform.' She cut her price target on Toronto-listed Linamar stock by 33 per cent, from $82 to $55. She lowered her price target on Martinrea shares by 36 per cent, from $14 to $9. 'Even if these current tariffs are short-lived, we suspect the risk of tariffs will be an overhang on the sector through the Trump presidency,' Friesen wrote. 'Given the range of outcomes, it is challenging to estimate what the impact would be to the suppliers' earnings.' Linamar shares climbed as much as 5.5 per cent in mid-afternoon trading on Wednesday. The company reports fourth-quarter 2024 financial results after the closing bell. Martinrea's stock fell as much as 3.8 per cent. It's scheduled to report financial results for the three months ended Dec. 31 after markets close on Thursday. Magna's stock rose nearly six per cent in mid-afternoon trading. Shares of America's Big 3 surged in New York trading following news of the temporary tariff exemption. Jeff Lagerquist is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jefflagerquist. Download the Yahoo Finance app, available for Apple and Android. Sign in to access your portfolio
Yahoo
05-03-2025
- Automotive
- Yahoo
Tariffs an 'existential threat' for Canada's auto parts makers, CIBC warns
Canadian automotive parts manufacturers face an 'existential threat' from U.S. tariffs, say analysts at CIBC Capital Markets downgrading shares of Linamar ( and Martinrea International ( on Wednesday while slashing price targets. Auto parts are particularly vulnerable to tariffs since they cross the Canada-U.S. border multiple times before incorporation in finished cars and trucks. On Tuesday, U.S. President Donald Trump imposed a 25 per cent tariff on imported Canadian goods, with a 10 per cent levy on energy products, prompting Canadian officials to respond with counter measures. 'Prior to any tariff talk, we had viewed 2025 as a 'run-of-the-mill' challenging year,' CIBC Capital Markets analyst Krista Friesen wrote in a note to clients. 'We view these tariffs as an existential threat to the industry.' Prior to Tuesday, Friesen says she expected the Trump administration to create a carve-out for the auto industry, or delay tariffs. 'In a worst-case scenario, these tariffs are long-lived and are compounded by the tariffs introduced by Canada,' she wrote. 'We would also note that our current understanding is the U.S. tariffs have no duty drawback ability, meaning each time a vehicle crosses to the U.S., the tariffs are compounded.' Friesen downgraded her rating on Linamar and Martinrea shares to 'neutral' from 'outperform.' She cut her price target on Toronto-listed Linamar stock by 33 per cent, from $82 to $55. Friesen also lowered her price target on Martinrea shares by 36 per cent, from $14 to $9. 'Even if these current tariffs are short-lived, we suspect the risk of tariffs will be an overhang on the sector through the Trump presidency,' she wrote. 'Given the range of outcomes, it is challenging to estimate what the impact would be to the suppliers' earnings.' Linamar reports fourth-quarter 2024 financial results after the closing bell on Wednesday. 'Because the tariffs imposed by the U.S. include auto parts, we are likely to see our customers slow or cease production in the near term,' Linamar executive chair Linda Hasenfratz wrote in a Feb. 3 letter to shareholders. Martinrea is scheduled to report financial results for the three months ended Dec. 31 after markets close on Thursday. Jeff Lagerquist is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jefflagerquist. Download the Yahoo Finance app, available for Apple and Android.
CNN
05-02-2025
- Automotive
- CNN
This firm employs thousands in Canada, the US and Mexico. Here's what its workers think of Trump's tariffs
In the hours before Canadian Prime Minister Justin Trudeau announced a 30-day pause on US President Donald Trump's threatened 25% tariff on Canadian goods, the co-founder of one of Canada's largest auto parts manufacturers was bewildered. 'Why blow it up?' Rob Wildeboer, executive chairman at Martinrea International, asked CNN. 'I don't know anyone in our company who wants tariffs between Canada and the US, because we work very well as a unit.' Martinrea manufactures a wide range of parts for large car companies including Volvo, Stellantis and Ford. The company employs around 19,000 people across the world, with most of its workforce in Canada, the United States and Mexico. 'We take care of our people everywhere,' Wildeboer said, showing CNN around the floor of his factory in Vaughan, Ontario, a small city just outside Toronto. Canada is the United States' closest trading partner, with exports and imports alone adding up to nearly a trillion dollars a year. The trade surplus rests at about $40 billion in Canada's favor, according to the US Congressional Research Service. Trump exaggerated this figure at Davos last month, incorrectly claiming that the US has a $200-$250 billion trade deficit with Canada. Mike Bradley, the mayor of a Canadian city that borders Michigan, speaks to CNN's Becky Anderson about the drastic consequences of the tariffs Trump wants to impose on Canada. 'With respect to the so-called trade deficit,' Wildeboer said, 'If you take out cheap oil, which US refineries refine and make a ton of money, the US actually has a trade surplus.' Moreover, the exchange in auto parts between the two countries, Wildeboer explained, is pretty much even, give or take a few million dollars. 'Canada is the largest purchaser of US goods,' Wildeboer continued. 'We're a big customer. At the end of the day, I think you'd want to keep a customer.' Prior to Trudeau's announcement that the tariffs were on hold, workers at Martinrea told CNN they felt confident in the government's response. The prime minister had threatened tit-for-tat tariffs against American goods. Several provinces pulled American alcohol from government-owned liquor stores. Elon Musk was a notable target – hours before Trump and Trudeau had their last-minute negotiations Monday afternoon, Ontario premier Doug Ford 'ripped up' the province's contract with Musk's company Starlink. Sultan Egebesci, originally from Turkey, has lived in Canada for four years and has worked at Martinrea for three. She considers the company her 'second family.' 'Of course, I'm worried,' Egebesci told CNN when asked about the looming possibility of a trade war with the United States. But she said was trying not to stress out too much. 'I know when we do everything together, everything gonna be fixed,' Egebesci said of Canadians. 'Everything can be fixed.' Egebesci is encouraged by the movement to 'Buy Canadian,' and told CNN that when she shops, she first looks for a 'Made in Canada' label before making a purchase. 'I feel confident,' said Pisey Lim, another Martinrea employee. 'I really trust the company.' Her friends at other companies nearby, however, 'feel a little bit nervous.' 'They're scared they might lose their job,' Lim said. 'They see in their work, it's quite less work. Some people stay home.' Naitik Jariwalla, who's worked at Martinrea for three years, said he was worried about the possibility of losing his job, but thought Canada was 'taking the right steps.' 'The government has been prepared for almost a month now,' Jariwalla said. 'I have hope for Martinrea.' However, Jariwalla predicted that the issue wouldn't go away anytime soon. It's time, he said, to dig in. Canada should stand up to the United States 'even if it hurts a bit.' 'It may take one or two years to settle down,' Jariwalla told CNN. 'But this is a good time for Canada to support their legs and stop relying on another country. I think it's going to be good for Canada. I think Canada can grow.' 'It's gonna hurt anyhow,' Jariwalla continued. 'Either you deal with it right now, or in the future.' Despite the Canadian flags hanging on the factory walls, Martinrea is in some ways an American company, too. Wildeboer points out that the company employs twice as many people in the US as in Canada, particularly in Michigan, where Trump won a slim majority in 2024. 'We're a big deal locally,' Wildeboer said. 'We take care of a lot of people. I would say that a lot of those people like President Trump and they like his message: lower inflation, more jobs, strong economy. But with the tariffs and so forth, you're getting higher inflation, less jobs, weaker economy.' The executive guessed that those employees might change their mind on the president's agenda come midterm elections in two years. That said, apart from his position on tariffs, Wildeboer admitted he understands much of Trump's message about Canada. 'A lot of what President Trump or the Americans have said to Canadians has a lot of merit,' Wildeboer said. Trudeau's initial announcement that the tariffs were paused for 30 days focused almost exclusively on Canadian investment in border security and fentanyl mitigation. Though less than 1% of fentanyl trafficked into the US comes from Canada, Trump has fixated on the prospect of opiates streaming in over the northern border. In a recent 'Fact Sheet,' his administration claimed that there exists 'a growing presence of Mexican cartels operating fentanyl and nitazene synthesis labs in Canada.' In response, Trudeau has agreed to appoint a 'Fentanyl Czar' to deal with the issue. The prime minister even said that Canada would follow the US in declaring cartels as terrorist organizations, though Mexico's president said she considers the US designation unhelpful. 'In the context of fixing our border, dealing with fentanyl or immigration, I think that the vast majority of Canadians agree,' Wildeboer said. 'I think most Canadians would agree that we should spend more on our military. We should defend our Arctic. We have Chinese planes and Russian planes flying over our land. At the end of the day, that's our land. We should protect it. We should protect it with the United States.'
