Arvin and Meritor Shareholders Approve Merger
July 7, 2000
By the end of the day, Arvin and Meritor are expected to become one company. At special meetings yesterday, shareholders of Arvin Industries, Columbus, Ind., and Meritor Automotive, Troy, Mich., approved the merger of the two companies.
As a result, the two will form ArvinMeritor Inc., a $7.5 billion global automotive supplier. The companies expect the merger to take effect late Friday, July 7, 2000. ArvinMeritor stock is scheduled to begin trading on the New York Stock Exchange on Monday, July 10, 2000, under the ticker symbol "ARM."
The merger will give Arvin, primarily a light vehicle component supplier, and Meritor, mostly a heavy truck component supplier, a broader customer base for their original equipment and aftermarket products. The combined company will be 46% light vehicle OE, 18% aftermarket, 17% North American truck, 5% trailers, and 5% international trucks.
Some of Arvin's light vehicle technology, such as exhaust and emissions technology, will likely move up into medium- and heavy-duty trucks.