TROY, Mich., July 3 /PRNewswire-FirstCall/ -- ArvinMeritor, Inc. (NYSE:
ARM) announced today that it has entered into an agreement to acquire
Trucktechnic, a major remanufacturer and distributor of commercial vehicle
disc and foundation brakes and components, based in Liege, Belgium. Terms
of the acquisition were not disclosed.
Trucktechnic has an established reputation for quality, reliability,
and outstanding service among its customer base in Western and Eastern
Europe, as well as Africa and South America.
The company's line of brake kits, components, and testing equipment
will expand and complement ArvinMeritor's existing European aftermarket
portfolio both in terms of product breadth and market depth. In addition, a
significant portfolio of remanufactured, all-makes, complete caliper and
disc brakes will add to ArvinMeritor's existing proprietary line of
remanufactured disc brakes and will become integral to ArvinMeritor's
remanufacturing business.
As part of the acquisition, Trucktechnic's 46 full-time employees,
based out of its headquarters in Liege, will become part of the
ArvinMeritor team.
"This acquisition represents a major step forward for our European
operation in terms of brand recognition, product offering, geographical
footprint and remanufacturing capability and capacity," said Maurice Haft,
ArvinMeritor's managing director, Europe, Commercial Vehicle Aftermarket.
"Trucktechnic's skilled engineering and technical staff understands the
specific needs of the aftermarket and will assist us in achieving our
growth objectives in the geographic areas we serve."
ArvinMeritor's Remanufacturing History
ArvinMeritor originally established its remanufacturing operation in
1982 at its Florence, Ky. national parts distribution center with drive
axle carriers. It subsequently relocated that operation into a 275,000
square feet remanufacturing center in Plainfield, Ind. which remanufactured
brake shoes and transmissions. In 2000, ArvinMeritor expanded these
activities into Europe by adding a facility in Maudslay, England, for the
remanufacture of axle carriers. The facility subsequently began production
of remanufactured disc brake calipers in 2006. In 2007, the portfolio was
again enhanced with the addition of remanufactured trailer axles at the
Plainfield facility, and in December of that year, ArvinMeritor acquired
Mascot Truck Parts which expanded ArvinMeritor's capabilities and customer
base in North America.
About ArvinMeritor
Today, ArvinMeritor, Inc. is a premier global supplier of a broad range
of integrated systems, modules and components to the motor vehicle
industry. The company serves commercial truck, trailer and specialty
original equipment manufacturers and certain aftermarkets, and light
vehicle manufacturers. Headquartered in Troy, Mich., ArvinMeritor employs
approximately 19,000 people in 24 countries. ArvinMeritor common stock is
traded on the New York Stock Exchange under the ticker symbol ARM. For more
information, and high resolution photography, visit the company's Web site
at: http://www.arvinmeritor.com/.
Forward-Looking Statements
This press release contains statements relating to future results of
the company (including certain projections and business trends) that are
"forward-looking statements" as defined in the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are typically
identified by words or phrases such as "believe," "expect," "anticipate,"
"estimate," "should," "are likely to be," "will" and similar expressions.
There are risks and uncertainties relating to the planned spin-off of
ArvinMeritor's LVS business, including the timing and certainty of
completion of the transition. In addition, actual results may differ
materially from those projected as a result of certain risks and
uncertainties, including but not limited to global economic and market
cycles and conditions; the demand for commercial, specialty and light
vehicles for which the company supplies products; risks inherent in
operating abroad (including foreign currency exchange rates and potential
disruption of production and supply due to terrorist attacks or acts of
aggression); availability and sharply rising cost of raw materials,
including steel and oil; OEM program delays; demand for and market
acceptance of new and existing products; successful development of new
products; reliance on major OEM customers; labor relations of the company,
its suppliers and customers, including potential disruptions in supply of
parts to our facilities or demand for our products due to work stoppages;
the financial condition of the company's suppliers and customers, including
potential bankruptcies; possible adverse effects of any future suspension
of normal trade credit terms by our suppliers; potential difficulties
competing with companies that have avoided their existing contracts in
bankruptcy and reorganization proceedings; successful integration of
acquired or merged businesses; the ability to achieve the expected annual
savings and synergies from past and future business combinations and the
ability to achieve the expected benefits of restructuring actions; success
and timing of potential divestitures; potential impairment of long-lived
assets, including goodwill; potential adjustment of the value of deferred
tax assets; competitive product and pricing pressures; the amount of the
company's debt; the ability of the company to continue to comply with
covenants in its financing agreements; the ability of the company to access
capital markets; credit ratings of the company's debt; the outcome of
existing and any future legal proceedings, including any litigation with
respect to environmental or asbestos-related matters; the outcome of actual
and potential product liability and warranty and recall claims; rising
costs of pension and other post-retirement benefits and possible changes in
pension and other accounting rules; as well as other risks and
uncertainties, including but not limited to those detailed from time to
time in filings of the company with the SEC. These forward-looking
statements are made only as of the date hereof, and the company undertakes
no obligation to update or revise the forward-looking statements, whether
as a result of new information, future events or otherwise, except as
otherwise required by law.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010524/ARVINLOGO )
SOURCE ArvinMeritor, Inc.
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Related links:
http://www.arvinmeritor.com
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20010524/ARVINLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
http://www.prnewswire.com/comp/762401.html /
CONTACT:
Media Inquiries U.S.: Krista McClure,
+1-248-435-7115, krista.mcclure@arvinmeritor.com; Media Inquiries
Europe: Malte Raddatz, +49 175 36 83 001,
malte.raddatz@arvinmeritor.com; Investor Inquiries: Terry Huch,
+1-248-435-9426, terry.huch@arvinmeritor.com, all of
ArvinMeritor, Inc.
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