TROY, Mich., July 3 /PRNewswire-FirstCall/ -- ArvinMeritor, Inc. announced today that it has entered into an agreement to acquire Trucktechnic, a major remanufacturer and distributor of commercial vehicle disc and foundation brakes and components, based in Liege, Belgium. Terms of the acquisition were not disclosed.
Trucktechnic has an established reputation for quality, reliability, and outstanding service among its customer base in Western and Eastern Europe, as well as Africa and South America.
The company's line of brake kits, components, and testing equipment will expand and complement ArvinMeritor's existing European aftermarket portfolio both in terms of product breadth and market depth. In addition, a significant portfolio of remanufactured, all-makes, complete caliper and disc brakes will add to ArvinMeritor's existing proprietary line of remanufactured disc brakes and will become integral to ArvinMeritor's remanufacturing business.
As part of the acquisition, Trucktechnic's 46 full-time employees, based out of its headquarters in Liege, will become part of the ArvinMeritor team.
"This acquisition represents a major step forward for our European operation in terms of brand recognition, product offering, geographical footprint and remanufacturing capability and capacity," said Maurice Haft, ArvinMeritor's managing director, Europe, Commercial Vehicle Aftermarket. "Trucktechnic's skilled engineering and technical staff understands the specific needs of the aftermarket and will assist us in achieving our growth objectives in the geographic areas we serve."
ArvinMeritor's Remanufacturing History
ArvinMeritor originally established its remanufacturing operation in 1982 at its Florence, Ky. national parts distribution center with drive axle carriers. It subsequently relocated that operation into a 275,000 square feet remanufacturing center in Plainfield, Ind. which remanufactured brake shoes and transmissions. In 2000, ArvinMeritor expanded these activities into Europe by adding a facility in Maudslay, England, for the remanufacture of axle carriers. The facility subsequently began production of remanufactured disc brake calipers in 2006. In 2007, the portfolio was again enhanced with the addition of remanufactured trailer axles at the Plainfield facility, and in December of that year, ArvinMeritor acquired Mascot Truck Parts which expanded ArvinMeritor's capabilities and customer base in North America.
About ArvinMeritor
Today, ArvinMeritor, Inc. is a premier global supplier of a broad range of integrated systems, modules and components to the motor vehicle industry. The company serves commercial truck, trailer and specialty original equipment manufacturers and certain aftermarkets, and light vehicle manufacturers. Headquartered in Troy, Mich., ArvinMeritor employs approximately 19,000 people in 24 countries. ArvinMeritor common stock is traded on the New York Stock Exchange under the ticker symbol ARM. For more information, and high resolution photography, visit the company's Web site at: http://www.arvinmeritor.com/.
Forward-Looking Statements
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. There are risks and uncertainties relating to the planned spin-off of ArvinMeritor's LVS business, including the timing and certainty of completion of the transition. In addition, 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; 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 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 futuresuspension 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; 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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