Closure is Part of Previously Announced Restructuring Initiative
TROY, Mich., Nov. 7 /PRNewswire-FirstCall/ -- ArvinMeritor, Inc. (NYSE:
ARM) today announced it would close its Commercial Vehicle Systems (CVS)
axle operation in Arden, N.C. by September 2008.
The closure is part of previously announced restructuring actions in
North America and Europe which the company expects to affect 13 plants and
2,800 employees, resulting in an estimated annual run rate savings of
$130-$140 million by 2012.
Operations based in Arden will be transferred to the company's facility
in Forest City, N.C. and to a newly announced plant in Monterrey, Mexico.
The company intends to begin transferring work in February 2008.
Fifty-six employees at the Arden facility were advised of the closure
today. Arden employees will transfer to the Fletcher, N.C. facility.
Wayne Watson, general manager, Operations, North America, said,
"ArvinMeritor is taking action to optimize its global manufacturing
footprint which will enable us to better serve our customers while reducing
our cost structure."
About ArvinMeritor
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 light vehicle, commercial truck, trailer and specialty
original equipment manufacturers and certain aftermarkets. Headquartered in
Troy, Mich., ArvinMeritor employs approximately 19,000 people in 25
countries. ArvinMeritor common stock is traded on the New York Stock
Exchange under the ticker symbol ARM. For more information, 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.
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 cost of raw materials, including
steel; 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; impairment of long-lived assets, including
goodwill; 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; 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
PRN Photo Desk, photodesk@prnewswire.com
http://www.prnewswire.com/comp/762401.html/
CONTACT:
Media: Krista McClure, +1-248-435-7115,
krista.mcclure@arvinmeritor.com, Investor: Terry Huch,
+1-248-435-9426, terry.huch@arvinmeritor.com, both of
ArvinMeritor, Inc.
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