Meritor To Acquire Brake Business
November 25, 1998
Nov. 27 – Meritor Automotive plans to acquire Lucas-Varity Heavy Vehicle Braking Systems.
Meritor Chairman and CEO Larry Yost calls the agreement “a significant step in Meritor’s global growth strategy. This acquisition will enhance Meritor’s position as an increasingly broad-based supplier in the global automotive components industry,” he says.
LucasVarity Heavy Vehicle Braking Systems components include air disc brakes, hubs, drums and hydraulic brakes. They complement Meritor’s brake system offerings of foundation brakes, automatic slack adjusters, wedge brakes, air disc brakes, anti-lock braking systems, air dryers and valves.
LucasVarity's HVBS business will become part of Meritor's Heavy Vehicle Systems unit. Meritor recently reported record results for its fiscal year that ended September 30, marking its first year as an independent, public company since it was spun off from Rockwell.