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.
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:
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.
SOURCE ArvinMeritor, Inc.
CONTACT: Media Inquiries U.S.: Krista McClure, +1-248-435-7115,
email@example.com; Media Inquiries Europe: Malte Raddatz,
+49 175 36 83 001, firstname.lastname@example.org; Investor Inquiries: Terry
Huch, +1-248-435-9426, email@example.com, all of ArvinMeritor, Inc.
Web site: http://www.arvinmeritor.com