Ontario-based Martinrea International announced Monday that it has acquired the assets of Montreal-based Effenco, whose technology is used on heavy trucks in Europe and New York.
“We are extremely pleased with this acquisition,” said Pat D’Eramo, President and Chief Executive Officer of Martinrea International Inc.
Introduced in Montreal in 2006, Effenco has patented electrical technology. It works to improve the energy efficiency of heavy trucks.
Recall that Effenco was placed under the protection of the Bankruptcy and Insolvency Act last April.
At the time, his total debt was about $17.5 million.
public funds
In 2018, Investissement Québec invested $2.45 million in Effenco through the Créativité Québec program.
Two years later, thanks to the Temporary Concerted Action for Business (PACTE) program, the state’s finance arm also lent $2 million and invested $5.92 million through its funds cleanly.
Effenco is present in the United States (New York, Port of Los Angeles), France (Paris, Saint-Lô), Switzerland (Geneva), Italy (Turin), Norway (Oslo) and Canada (Port of Vancouver and Port of Montreal ) represented by Termont).
In September 2021, Le Journal visited the company, which had just won a major contract in New York.