SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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Item 2.05 Costs Associated with Exit or Disposal Activities.
On November 11, 2020, Meritor, Inc. (the “Company”) approved a restructuring plan to close three U.S. manufacturing plants in its Industrial business, and one European administration office in its Aftermarket business, and consolidate those operations into existing facilities. The site closures include:
|●||Chicago, IL (acquired through AxleTech acquisition)|
|●||Livermore, CA (acquired through Fabco acquisition)|
|●||Livonia, MI (acquired through Fabco acquisition)|
The closures impact approximately 150 hourly and salaried workers. These restructuring plans are intended to optimize the Company’s manufacturing footprint, reduce costs and increase efficiencies. With this restructuring plan, the Company expects to incur approximately $19 million in restructuring charges in the Aftermarket and Industrial segment, consisting of impairment of long-lived assets of $9 million, severance related costs of $5 million and other associated cost of $5 million. Restructuring actions associated with this plan are expected to generate approximately $10 million in annual run rate saving and will be substantially complete by the end of 2021.
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|Date: November 12, 2020||By:||/s/ Hannah S. Lim-Johnson|
|Hannah S. Lim-Johnson|
|Senior Vice President, Chief Legal Officer &|