TROY, Mich., July 29, 2019 /PRNewswire/ -- Meritor, Inc.
(NYSE: MTOR) today announced that it has successfully
completed its acquisition of AxleTech from global investment firm
The Carlyle Group (NASDAQ: CG).
The previously announced transaction enhances Meritor's growth
platform with the addition of a complementary product portfolio,
including a full line of independent suspensions, axles, braking
solutions and drivetrain components. AxleTech will operate within
Meritor's Aftermarket, Industrial & Trailer segment.
"The addition of AxleTech advances our growth strategy while
further diversifying our portfolio in strategic, adjacent markets,"
said Jay Craig, Meritor's CEO and
president. "We are delighted to welcome AxleTech to the Meritor
team with a shared focus on driving superior performance,
efficiency and reliability for our global customers with a wider
array of products and solutions. We look forward to realizing the
benefits of the transaction as we continue executing on our
priorities to enhance value for our shareholders, customers and
employees."
About Meritor
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 approximately 9,300 diverse
employees who apply their knowledge and skills in manufacturing
facilities, engineering centers, joint ventures, distribution
centers and global offices in 19 countries. Meritor common stock is
traded on the New York Stock Exchange under the ticker symbol MTOR.
For important information, visit the company's website at
http://www.meritor.com.
Forward-looking Statement
This 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 reliance on major
OEM customers and possible negative outcomes from contract
negotiations with our major customers, including failure to
negotiate acceptable terms in contract renewal negotiations and our
ability to obtain new customers; the outcome of actual and
potential product liability, warranty and recall claims; our
ability to successfully manage rapidly changing volumes in the
commercial truck markets and work with our customers to manage
demand expectations in view of rapid changes in production levels;
global economic and market cycles and conditions; availability and
sharply rising costs of raw materials, including steel, and our
ability to manage or recover such costs; our ability to manage
possible adverse effects on European markets or our European
operations, or financing arrangements related thereto following the
United Kingdom's decision to exit
the European Union or, in the event one or more other countries
exit the European monetary union; risks inherent in operating
abroad (including foreign currency exchange rates, restrictive
government actions regarding trade, implications of foreign
regulations relating to pensions and potential disruption of
production and supply due to terrorist attacks or acts of
aggression); risks related to our joint ventures; rising costs of
pension benefits; the ability to achieve the expected benefits of
strategic initiatives and restructuring actions; our ability to
successfully integrate the products and technologies of Fabco
Holdings, Inc., AA Gear Mfg., Inc. and AxleTech and future results
of such acquisitions, including their generation of revenue and
their being accretive; the demand for commercial and specialty
vehicles for which we supply products; whether our liquidity will
be affected by declining vehicle production in the future; OEM
program delays; demand for and market acceptance of new and
existing products; successful development and launch of new
products; labor relations of our company, our 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 our suppliers and customers, including
potential bankruptcies; possible adverse effects of any future
suspension of normal trade credit terms by our suppliers; 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 our debt; our ability to
continue to comply with covenants in our financing agreements; our
ability to access capital markets; credit ratings of our debt; the
outcome of existing and any future legal proceedings, including any
proceedings or related liabilities with respect to environmental,
asbestos-related, or other matters; possible changes in accounting
rules; and other substantial costs, risks and uncertainties,
including but not limited to those detailed in our Annual Report on
Form 10-K for the year ended September 30,
2018, as amended and from time to time in other 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 Meritor, Inc.