New company addresses growing need for diesel emissions solutions
DETROIT, Aug. 29 /PRNewswire/ -- ArvinMeritor, Inc. (NYSE: ARM) today
announced the formation of a 50-50 joint venture between its Light Vehicle
Systems (LVS) business group and DongWon Precision Industrial Co., Ltd. The
joint venture, named AD Tech Co., Ltd., will initially supply diesel
particulate filters to light vehicle manufacturers in Korea facing stringent
diesel emissions reduction legislation. It will also produce related exhaust
"This partnership increases ArvinMeritor's global emissions technologies
footprint and also introduces our popular diesel particulate filter to a
growing Korean market," said Michael Bleidt, vice president and general
manager of LVS Emissions Technologies. "We are entering the third year of our
strategic alliance with DongWon. Throughout this time, we have been impressed
with their strong customer relationships and determination to deliver
exceptional service at a competitive cost. Together, we believe we can both
grow our emissions business in Korea."
"From this partnership, we anticipate robust business for AD Tech, based
on the wide-reaching sales network and leading technology of ArvinMeritor.
Also, AD Tech's future success will be a direct result of both companies'
management expertise and creative direction," said Lee Seok-Woo,
representative director of DongWon and CEO of AD Tech. He added, "Working
together, we will strive to make AD Tech a successful company."
ArvinMeritor's Choi Byung-Chul will serve alongside DongWon's Lee as the
joint venture's representative directors.
DongWon, located in Asan-si, Chungnam, Korea, posted $62 million in sales
during fiscal year 2004. Mufflers are the main item produced by DongWon and
are supplied for all GM Daewoo Auto & Technology Co. (GMDAT) vehicle models.
In 2003, DongWon established an R&D Center for exhaust system research and
development. More recently, DongWon has advanced its business in China and
ArvinMeritor's Light Vehicle Systems (LVS) business group posted $4.8
billion in sales during fiscal year 2004, and employs 17,000 people at 75
facilities in 23 countries. LVS -- a market leader in the product categories
it serves -- supplies integrated systems and modules to the world's leading
passenger car and light truck OEMs. With advanced technology and systems
design expertise in apertures, undercarriage, wheel and emissions control, LVS
combines high-quality components into cost-effective, performance-based
solutions for virtually every car and light truck on the road today.
ArvinMeritor, Inc. is a premier $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 related aftermarkets.
Headquartered in Troy, Mich., ArvinMeritor employs approximately 31,000 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. 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; 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
SOURCE ArvinMeritor, Inc.
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