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Martinrea International Inc. Releases December 31, 2006 Annual Results: Year Over Year Growth In a Competitive Market
Martinrea International Inc., (TSX: MRE) a leader in the production of quality metal parts, assemblies and modules and fluid management systems focused primarily on the automotive sector, announced today the release of its financial results for the fiscal year ended December 31, 2006 and its fourth quarter ended December 31, 2006. Martinrea currently employs approximately 7,000 skilled and motivated people in 32 plants in Canada, the United States, Mexico, and the United Kingdom. The Company completed two acquisitions in 2006, namely the acquisition of the assets of Depco International Inc., now Rollstar Metal Forming, on May 12, 2006 and the North American automotive body and chassis operations of ThyssenKrupp Budd Company ('TKB') on December 1, 2006 and the financial position and results from those acquisitions have been included in the Company's financial statements from the relevant acquisition dates. Given the size of the TKB acquisition in particular, the comparisons of quarterly and annual financial results with the previous fiscal period are affected by the high level of TKB revenues and expenses and the lower gross margins of TKB operations as compared to the former Martinrea operations. Year over year and quarter over quarter comparisons are not directly comparable.
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