In March, Meritor and two partners announced the launch of Fleetworks.com, a parts exchange for the U.S. commercial medium- and heavy-duty truck aftermarket. However, on April 14, Larry Yost, Meritor's Chairman and CEO, said "broad feedback" within the industry had convinced him "appropriate neutrality in this case could not be reached." Therefore, he said, Meritor was withdrawing from any participation whatever in the exchange.
On Friday, Susan P. Kampe, president of Fleetworks, announced the venture would go forward with the two remaining backers, Accel Partners, a California venture capital firm and Gen3 Partners, a technology company based in Boston. The exchange would also have a new name, Fleetscape.com
"Only two things have changed," said Kampe. "It has a new name and Meritor is no longer involved in any way."
According to Kampe, the business model will not change and the recall of Meritor's investment will have "no impact at all." Plans are going forward for launch later this year, she said.
Meritor's parts would still be available on the exchange, said Kampe, who had previously been a senior vice president and chief information officer for Meritor.
Between the launch announcement and Meritor's subsequent withdrawal, Meritor announced an agreement to merge with Arvin Industries, Inc. The deal will create a global supplier of integrated systems, modules and components for light vehicle, commercial truck, trailer and OEMs. The resulting company, to be called ArvinMeritor Inc., will have combined revenues of $7.5 billion.