Closing accomplished: Martinrea Honsel Germany GmbH commences operations

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Meschede, Germany 01.08.2011: Martinrea International Inc., based in Ontario, Canada purchased the assets of the plants Meschede, Nuttlar and Soest of the insolvent Honsel AG through its new subsidiary Martinrea Honsel Germany GmbH.

Nick Orlando, Martinrea’s Chief Executive Officer, stated: “We are happy to announce the formation of Martinrea Honsel, a leading aluminum parts supplier to the automotive industry, which we intend to grow and prosper. It broadens the product offerings and geographic presence of Martinrea, but also has what we believe is significant growth potential in all major automotive markets. We live in an industry highly focused on taking weight out of the vehicle, long a specialty of Martinrea, which helps to reduce fuel consumption and exhaust emissions, and Martinrea Honsel is very well positioned to meet the needs of our customers. We welcome the people from Martinrea Honsel to the Martinrea family, and we look forward to working with you. We are very impressed with the talent of the people we have met, so far —there is a tremendous skill set and there is a reason Honsel was a market leader for so many years. We will work with you to the best of our abilities to provide you with the opportunity to grow with us over time.”

Rob Wildeboer, Martinrea’s Executive Chairman, stated: “This is a very significant transaction for us. The final result of our negotiations is an accretive transaction of some great assets and excellent people, for a very reasonable price. We maintain a very strong balance sheet at Martinrea, but our conservative philosophy is also reflected in the financial strength of Martinrea Honsel going in. It is well capitalized with little debt. We and our partners at Anchorage have provided financial stability to this business, which will allow Martinrea Honsel to focus on improving operations and growth, rather than managing a high debt load and the distractions of an insolvency process. In the course of the transaction, we did enter into an arrangement with ZF, a major automotive parts supplier in transmissions, so ZF could acquire the Nuremberg operations. This is a mutually beneficial transaction. ZF is the major customer of Nuremberg, and from our perspective the plant was not core to Martinrea Honsel’s future. We know that the ZF acquisition will be beneficial for both ZF and the Nuremberg plant and we wish them well. Now we can focus our efforts on other plants.”

Martinrea also acquired Honsel’s interests in the locations in Spain, Mexico and Brazil through other subsidiaries.

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