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On May 6, 2008, ArvinMeritor, Inc. announced that its board of
directors approved a plan to spin off its Light Vehicle Systems (LVS)
business to ArvinMeritor shareholders. The planned spinoff of the
LVS business – to be named Arvin Innovation, Inc. – would be
implemented through a pro rata tax-free dividend to ArvinMeritor
shareholders.
ArvinMeritor’s LVS business is a leading global provider of
dynamic motion and control automotive systems and components, with
sales of $2.3 billion in 2007. The LVS business group is a market
leader in many of the product categories it serves, supplying
components and integrated systems and modules to the world’s
leading passenger car and light truck OEMs.
Arvin Innovation will be headquartered in Detroit, Mich., at the
current location of the LVS Detroit Technology Center, with other
corporate offices located in Europe, Asia Pacific and South
America.
The business will have approximately 9,000 employees with 42
facilities in 16 countries. LVS has interests in eight joint
ventures (three consolidated and five non-consolidated).
The spinoff is subject to customary conditions, including final
approval by ArvinMeritor’s board of directors; completion of all
required activities with employee representatives; receipt of
applicable consents; effectiveness of a registration statement
with the Securities and Exchange Commission; receipt of a tax
ruling from the IRS; and the approval of applicable regulatory
authorities.
We have applied for Arvin Innovation to be listed on the NASDAQ
global stock market under the symbol ARVI.
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