TROY, Mich., Sept. 29, 2014 /PRNewswire/ -- Meritor, Inc. (NYSE: MTOR) today announced that it completed the sale of its Mascot operations in Canada and the United States to an entity that will operate under the name Mascot Industries LLC. All other Meritor brake and trailer axle remanufacturing operations, as well as Meritor's distribution business, are not affected by the sale and will continue to operate as usual.
"The decision to sell Mascot was the best option for our customers and for Meritor," said Craig Frohock, vice president of Aftermarket & Trailer for Meritor. "The sale will maintain Mascot's position as an OES channel supplier for customers while allowing Meritor to focus on growing in specific areas where we can increase value for our customers and shareowners."
Under the Mascot brand, Meritor produced remanufactured automatic and manual transmissions, differentials, drivelines, steering gears and power steering pumps. Genuine Meritor branded differentials and transmissions will continue to be available from Meritor.
"We are excited to acquire Mascot, a respected brand for many years in both Canada and the United States drivetrain marketplace and look forward to growing the business," said Bill Statham, president, Mascot Industries LLC.
Under the terms of the sale, current employees in Plainfield, Indiana involved in drivetrain remanufacturing (differentials, transmissions, steering) will transfer to Mascot Industries. Approximately 25 employees at the Mascot production facility in Brampton, Ontario, Canada will also transition to the new organization. Mascot branches in Canada, including Edmonton, Alberta; Moncton, New Brunswick; and Boucherville, Quebec, will close. Approximately 39 employees will be impacted.
Meritor's Canadian Aftermarket distribution centers in Brampton, Ontario and Edmonton, Alberta are not impacted and will remain open. Meritor's comprehensive all-makes aftermarket drivetrain program will also continue operating to meet the parts needs of drivetrain rebuilders.
Meritor, Inc. is a leading global supplier of drivetrain, mobility, braking and aftermarket solutions for commercial vehicle and industrial markets. With more than a 100-year legacy of providing innovative products that offer superior performance, efficiency and reliability, the company serves commercial truck, trailer, off-highway, defense, specialty and aftermarket customers around the world. Meritor is based in Troy, Mich., United States, and is made up of more than 9,000 diverse employees who apply their knowledge and skills in manufacturing facilities, engineering centers, joint ventures, distribution centers and global offices in 18 countries. Common stock is traded on the New York Stock Exchange under the ticker symbol MTOR. For important information, visit the company's website at meritor.com.
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SOURCE Meritor, Inc.
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