TROY, Mich., March 7 /PRNewswire-FirstCall/ -- ArvinMeritor, Inc. today announced that it has sold its North American Light Vehicle Aftermarket (LVA) exhaust business based in Loudon, Tenn. and Moncton, New Brunswick, Canada, to IMCO (International Muffler Company), a producer of aftermarket exhaust systems and components based in Schulenburg, Texas. Terms of the agreement were not disclosed.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010524/ARVINLOGO )
"This transaction will further enhance ArvinMeritor's goal to strengthen our financial position and focus on our core operations," according to Chip McClure, ArvinMeritor chairman, CEO and president. "This sale also provides the LVA exhaust group the opportunity to grow with IMCO."
The divestiture affects approximately 500 employees at the Loudon and Moncton facilities.
About IMCO
IMCO is a leading manufacturer and supplier of full-line aftermarket exhaust products to North America and Canada. The company produces mufflers, tubing, prebent exhaust pipes, glasspacks, converters and performance products. It also provides a line of chrome and stainless tips, hardware and accessory items. IMCO has approximately 300 employees at its 254,000-square- foot facility in Schulenburg, Texas. For more information, visit http://www.imcoweb.com/ .
About ArvinMeritor
ArvinMeritor, Inc. is a premier $8.8 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 certain aftermarkets. Headquartered in Troy, Mich., ArvinMeritor employs approximately 29,000 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: 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. 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; 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; 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 Commission.
PRN Photo Desk,
