TROY, Mich., March 7 /PRNewswire-FirstCall/ -- ArvinMeritor, Inc.
(NYSE: ARM) today announced that it has sold its North American Light Vehicle
Aftermarket (LVA) exhaust business based in Loudon, Tenn. and Moncton, New
Brunswick, Canada, to IMCO (International Muffler Company), a producer of
aftermarket exhaust systems and components based in Schulenburg, Texas. Terms
of the agreement were not disclosed.
"This transaction will further enhance ArvinMeritor's goal to strengthen
our financial position and focus on our core operations," according to Chip
McClure, ArvinMeritor chairman, CEO and president. "This sale also provides
the LVA exhaust group the opportunity to grow with IMCO."
The divestiture affects approximately 500 employees at the Loudon and
IMCO is a leading manufacturer and supplier of full-line aftermarket
exhaust products to North America and Canada. The company produces mufflers,
tubing, prebent exhaust pipes, glasspacks, converters and performance
products. It also provides a line of chrome and stainless tips, hardware and
accessory items. IMCO has approximately 300 employees at its 254,000-square-
foot facility in Schulenburg, Texas. For more information, visit
ArvinMeritor, Inc. is a premier $8.8 billion 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 29,000 people
at more than 120 manufacturing facilities 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:
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
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
customers and suppliers; 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; successful integration of acquired or merged businesses; the
ability to achieve the expected annual savings and synergies from past and
future business combinations; success and timing of potential divestitures;
potential 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 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; as well
as other risks and uncertainties, including, but not limited to, those
detailed from time to time in the filings of the company with the Securities
and Exchange Commission.
SOURCE ArvinMeritor, Inc.
both of ArvinMeritor,