Beijing, China (April 21, 2008) –
ArvinMeritor (NYSE: ARM) announced
today that its Chassis Systems business unit within the Light Vehicle Systems
(LVS) business group has been awarded new business with Chery Automobile Co.,
Ltd. for the supply of approximately 10 million complete shock and strut module
assemblies over five years. Production will begin in early 2009 to supply
several new and existing vehicle platforms. "This new business contributes
to ArvinMeritor’s objective of generating $1 billion USD in revenue in Asia and with Asian OEMs, within five years," said
Rakesh Sachdev, president, Asia Pacific, ArvinMeritor. "From our
established presence in China
we will continue to grow and diversify our customer base with a greater focus
on domestic OEMs." The product will be manufactured and supplied by
ArvinMeritor Chassis Systems (Wuhu) Co., Ltd., a
joint venture (JV) between ArvinMeritor Investment (China)
Holding Co. Ltd. and Wuhu Chery Technology Co., Ltd., located in Wuhu, China.
The JV was established in July 2007 with the construction of a new facility
expected to be completed by September 2008. "This strong beginning for our
chassis systems business in China
demonstrates our ability to successfully transplant our market-leading
technologies and expertise into new and growing markets," said Phil
Martens, president, LVS. "By combining our world-class design, validation,
assembly and logistical experience with our partner’s in-depth knowledge
of the local market, we’re able to offer our customers enhanced value
through complete chassis system solutions."
About Light Vehicle Systems ArvinMeritor’s
LVS business group is a market leader in the product categories it serves,
supplying integrated systems and modules to the world’s leading passenger
car and light truck OEMs. Through smart systems™ technologies, the intelligent
application of controls and electronics, ArvinMeritor’s traditional
mechanical products are taking on new form and function at both the component
and system levels. With advanced technology and systems design expertise in
body systems, chassis and wheels, LVS combines high-quality components into
cost-effective, performance-based solutions for virtually every car and light
truck on the road today.
About ArvinMeritor ArvinMeritor, Inc. is a premier
global supplier of a broad range of integrated systems, modules and components
to the motor vehicle industry. The company serves commercial truck, trailer and
specialty original equipment manufacturers and certain aftermarkets, and light
vehicle manufacturers. Headquartered in Troy,
Mich., ArvinMeritor employs
approximately 18,000 people in 24 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 cycles and 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 and
oil; 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 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 the
company’s suppliers and customers, including potential bankruptcies;
possible adverse effects of any future suspension of normal trade credit terms
by our suppliers; potential difficulties competing with companies that have avoided
their existing contracts in bankruptcy and reorganization proceedings;
successful integration of acquired or merged businesses; the ability to achieve
the expected annual savings and synergies from past and future business
combinations and the ability to achieve the expected benefits of restructuring
actions; success and timing of potential divestitures; 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
the company’s debt; the ability of the company to continue to comply with
covenants in its financing agreements; 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; the outcome of actual and potential
product liability and warranty and recall claims; rising costs of pension and
other post-retirement benefits and possible changes in pension and other
accounting rules; as well as other risks and uncertainties, including but not
limited to those detailed herein 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.
CONTACTS:
Media Inquiries – Americas
and Asia
Jeff Gammons
+1 (313) 551-2903
mailto:jeffrey.gammons@arvinmeritor.com
Media Inquiries
– Europe
Marco Foley
+44 (0)121 625 3220
mailto:marco.foley@arvinmeritor.com
Investor Inquiries
Terry Huch
+1 (248) 435-9426
mailto:terry.huch@arvinmeritor.com
