TROY, Mich., March 16, 2011 /PRNewswire via COMTEX/ --
ArvinMeritor, Inc. today announced it will change its ticker symbol on the New York Stock Exchange from "ARM" to "MTOR," effective at the start of trading on March 30, 2011. The CUSIP number for the common stock will change from 043353 10 1 (ARM) to 59001K 10 0 (MTOR).
The ticker symbol change coincides with the company's official name change at that time from "ArvinMeritor" to "Meritor" to reflect the completion of a multi-year transformation to focus entirely on commercial vehicle and industrial markets worldwide.
"The Meritor name is recognized in commercial vehicle and industrial markets around the world," said Chip McClure, chairman, CEO and president. "Meritor has established strong brand equity that our commercial vehicle and industrial customers associate with performance, efficiency and reliability. Changing the company's name back to Meritor gives us the opportunity to leverage the strong reputation we've developed, and to build on it as we continue to define ourselves as the recognized leader in drivetrain, mobility, braking and aftermarket solutions."
The company initially assumed the name Meritor following the spin-off from Rockwell International Corp. in 1997. It remained Meritor until the merger with Arvin Industries, Inc. in 2000. Since that time, the company has marketed and sold product under the Meritor brand.
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, 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; reduced production for certain military programs and the return of volumes of selected long-term military contracts to more normalized levels; 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.