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Peter Cirulis appointed Chief Financial Officer of Martinrea International Inc.

Martinrea International Inc.

TORONTO, June 13, 2024 (GLOBE NEWSWIRE) — Today, Martinrea International Inc. (TSX: MRE), a diversified and global automotive supplier engaged in the design, development and production of advanced, high-value lightweight structures and powertrains, announced that Peter Cirulis has been appointed Chief Financial Officer of the Company, effective July 1, 2024. Mr. Cirulis has been Executive Vice President of Martinrea at Aluminum Group since 2018.

Fred Di Tosto, current president and chief financial officer, will retain his current duties as president going forward.

Pat D’Eramo, CEO of Martinrea, stated: “This appointment reflects the continued growth of our leadership group at Martinrea and will allow Fred to focus on his role as President while assisting Peter through the transition. I worked side by side with Peter for many years, including at Dana Incorporated where he was Vice President of Finance and Operational Excellence for the Commercial Vehicle Group. He is an experienced financial director with many years of experience in the automotive parts industry. At Martinrea, Peter held many operational and strategic positions and his responsibility continued to increase. He will remain as group manager of Commercial Lightweight Structures, a position he has held for several years. I look forward to working closely with Rob, Fred, Peter and the other members of the leadership team as we continue to build on our success at Martinrea.

Rob Wildeboer, co-founder and executive chairman of Martinrea, said: “Our executive team continues to grow and become more experienced. Peter has been instrumental in our growth and success over the last few years. He is a core member of our senior leadership team with a strong commitment to our culture and vision to improve lives. Pat, Fred and Peter have already proven to be a great team. We will all continue to work on behalf of our shareholders and other stakeholders and look forward to further personal contacts and dialogue with them in the future. We believe it is a sign of the strength of our company that our leaders can continue to expand their knowledge as they take on new roles.”

Fred Di Tosto, president of Martinrea, said: “It has been an honor to serve as Martinrea’s chief financial officer since 2011, just as it continues to be an honor to serve as president. Peter and I work very well together and I’m sure this move will be good for our company and business. Our financial position today is as strong as ever – we are enjoying record sales and cash flow, our balance sheet is in excellent condition and we are achieving good returns on our investments, all while maintaining a strong balance sheet. We will strive for continuous improvement in all these areas.”

Peter Cirulis said: “Martinrea is a great company with a great future. I believed it from the day I joined the company and I believe it today. I have had the honor of working side by side with the people here through good times and difficult times, and we have continued to thrive in the face of challenges. Our culture here is great – we care about our people and we care about each other, which I think is one of our competitive advantages. I am extremely grateful for this opportunity.”

Mr. Cirulis (56) has been a member of the Martinrea management board since 2018, most recently as vice president of the Aluminum group and commercial director of the light structures group. Prior to joining Martinrea, Mr. Cirulis worked at Dana Incorporated for almost nine years in various roles including Vice President of Customer Experience, Strategy and Product Planning for the Aftermarket Group; Vice President of Finance and Operational Excellence, Commercial Vehicles; Vice President, Global Business Development, Light Vehicles Division and President, Europe and South Africa, based in Zurich, Switzerland. Before joining Dana in 2010, Peter spent over ten years at Robert Bosch, holding various financial management positions in Germany and the USA. In his last position, he served as vice president for finance and controlling in the powertrain division. Mr. Cirulis holds an MBA in International Finance from the University of South Carolina Darla Moore School of Business and a BA in Economics from Kalamazoo College.

ABOUT MARTINREA INTERNATIONAL INC.

Martinrea International Inc. (TSX: MRE) is a leader in the development and production of high-quality metal parts, assemblies and modules, fluid management systems and complex aluminum products, primarily focused on the automotive sector. Martinrea currently employs over 19,000 talented and motivated employees and operates in 56 locations in Canada, the United States, Mexico, Brazil, Germany, Slovakia, Spain, China, South Africa and Japan. Martinrei’s vision is to improve lives by being the best supplier we can be in the products we produce and the services we provide. More information about Martinrea can be found at www.martinrea.com.

For further information please contact:

Rob Wildeboer, Executive Chairman
Tel: 416.749.0314

Investor relations contact:
Neil Forster, Director of Investor Relations and Corporate Development
Email: [email protected]
Tel: 289.982.3020
Mobile: 647.210.2385

Contact with the media:
Deanna Lorincz, Global Director of Communications and Marketing
E-mail: [email protected]
Tel: 248.392.9727
Mobile: 586.634.1766