MEDIA RELEASE PR35449
ArvinMeritor Signs Strategic Partnership with Yutong Group Co., Ltd. to Supply Drivetrain Components in
China
SHANGHAI, July 21 /PRNewswire-AsiaNet/ --
ArvinMeritor, Inc. (NYSE: ARM) announced today that it has signed a
strategic partnership with Yutong Group Co., Ltd. to supply drivetrain
components for buses and coaches in China.
"We are proud to partner with Yutong, the largest producer of high-end
buses and coaches in the China market," said Tim Bowes, vice president and
managing director of Asia Pacific for ArvinMeritor. "We believe this new
business will strengthen the existing partnership we have with Yutong, as
well as expand ArvinMeritor's presence in Asia."
In addition to supplying premium non-drive and drive axles to Yutong,
ArvinMeritor will now manufacture differential carriers and brake calipers at
its facility in Wuxi, China, for application on Yutong's axles. The final
product will be assembled at Yutong's plant in Zhenzhou, China. Production is
expected to begin at the end of 2009. "We will build the carriers and air
disc brakes in our Wuxi plant utilizing local suppliers," said Bowes. "We
plan to continue to demonstrate our commitment to the China market by
localizing the manufacturing of our products to meet the needs of our
domestic customers."
As part of this partnership, ArvinMeritor and Yutong will also sell and
distribute standard aftermarket service kits for its products.
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 marks its centennial anniversary in 2009, celebrating a long history
of 'forward thinking.' The company serves commercial truck, trailer and
specialty original equipment manufacturers and certain aftermarkets, and
light vehicle manufacturers. ArvinMeritor common stock is traded on the New
York Stock Exchange under the ticker symbol ARM. For more information, visit
Forward Looking Statements
This press release contains statements 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. There are risks and uncertainties
associated with the partnership with Yutong, including the volume of business
that will be generated and the demand for the product to be supplied. In
addition, 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, including the recent global
economic crisis; whether our liquidity will continue to be affected by
declining vehicle production volumes in the future; the financial condition
of the company's suppliers and customers, including bankruptcies and
potential bankruptcies; possible adverse effects of any future suspension of
normal trade credit terms by our suppliers; 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 demand for commercial, specialty and light vehicles for which the company
supplies products; timing and certainty as to completion and terms of any
dispositions of the Body Systems and Chassis businesses of ArvinMeritor's LVS
business; 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 sharply rising
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; 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 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 from time to time in 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.
SOURCE: ArvinMeritor, Inc.
CONTACT: Media, Krista Sohm
+1-248-435-7115
krista.sohm@arvinmeritor.com; or
Investors, Terry Huch
+1-248-435-9426
terry.huch@arvinmeritor.com
both of ArvinMeritor
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