TROY, Mich., July 20, 2010 /PRNewswire via COMTEX/ --
ArvinMeritor, Inc. (NYSE: ARM) announced today its intention to invest $23 million over the next five years to expand its advanced technologies capabilities at its technical center in Troy, Mich. This project is expected to create 125 jobs at the company by 2014.
"ArvinMeritor is investing in a spectrum of advanced technologies that are focused on fuel efficiency, next generation brake technology, suspensions and vehicle dynamics capabilities," said Carsten Reinhardt, chief operating officer, ArvinMeritor.
The Troy, Mich. technical center is part of the company's global engineering network that also includes technical centers in Cameri, Italy; Cwmbran, U.K.; Bangalore, India; Shanghai, China; Monterrey, Mexico and Osasco, Brazil.
ArvinMeritor applied for and received a MEGA grant (Michigan Economic Growth Authority) through the MEDC (Michigan Economic Development Corp.) valued at $2.2 million. The City of Troy has proposed support for the project through consideration of PA 198 personal property and facility rehabilitation exemptions. In addition, Oakland County has offered support valued at up to $1.6 million with training grants available through its workforce development program.
ArvinMeritor, Inc. is a premier global supplier of a broad range of integrated systems, modules and components to original equipment manufacturers and the aftermarket for the transportation and industrial sectors. The company serves commercial truck, trailer and specialty original equipment manufacturers and certain aftermarkets, and light vehicle manufacturers. ArvinMeritor marked its centennial anniversary in 2009, celebrating a long history of 'forward thinking.' ArvinMeritor common stock is traded on the New York Stock Exchange under the ticker symbol ARM. For important information about the company, visit arvinmeritor.com.
This press release contains statements 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 company's announced plans to invest $23 million in a technological center and actual results may differ materially from those projected in forward-looking statements as a result of certain risks and uncertainties, including but not limited to global economic and market cycles and conditions, including the recent global economic crisis; 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); whether our liquidity will be affected by declining vehicle production volumes in the future; 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; the ability to achieve anticipated or continued cost savings from reduction 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.
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SOURCE ArvinMeritor, Inc.