ArvinMeritor Holds Its Annual Shareowners
Meeting
TROY, Mich., Feb. 14 ArvinMeritor, Inc. today
held its first annual shareowners meeting following the completion of the
merger of Arvin Industries, Inc. and Meritor Automotive, Inc. in July 2000.
The meeting was held at the ArvinMeritor headquarters in Troy, Mich.
At the meeting, shareowners voted to elect Joseph B. Anderson, Jr.,
William D. George, Jr., Richard W. Hanselman, Charles H. Harff and Larry D.
Yost to the Board of Directors for terms expiring in 2004. The shareowners
also approved the selection of Deloitte & Touche LLP as the company's
auditors.
ArvinMeritor Chairman and Chief Executive Officer, Larry D. Yost, provided
an overview of the company's financial performance, perspective on the global
automotive environment, and status of the company's global growth initiatives.
Specifically, Yost discussed:
* ArvinMeritor's pro forma results for fiscal year 2000
* An update on the status of the ArvinMeritor integration process
* Results of the company's first quarter, fiscal year 2001 and current
economic and industry environments
* Vision and strategies for the future growth of the new company
"The progress ArvinMeritor is making with the merger integration process
and cost synergies, operational improvements and cost-reduction initiatives
have enabled us to lower our fixed costs and to establish a strong foundation
for future growth," Yost said.
ArvinMeritor, Inc. is a premier $7-billion global supplier of a broad
range of integrated systems, modules and components to the motor vehicle
industry. The company serves light vehicle, commercial truck, trailer and
specialty original equipment manufacturers and related aftermarkets. In
addition, ArvinMeritor is a leader in coil coating applications, including
those for the transportation, appliance, construction and furniture
industries. The company is headquartered in Troy, Mich., and employs 36,000
people at more than 150 manufacturing facilities in 26 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 .
This news release contains statements relating to future results that are
"forward-looking statements" as defined in the Private Securities Litigation
Reform Act of 1995. Actual results may differ materially from those projected
as a result of certain risks and uncertainties, including but not limited to
those detailed from time to time in the Company's Securities and Exchange
Commission filings.
Appendix:
Joseph B. Anderson, Jr.
Chairman of the Board and Chief Executive Officer, Chivas Industries LLC
Age 58
Mr. Anderson, a director since July 2000 and a director of Meritor
Automotive from 1997 until July 2000, is Chairman of the Board Composition
Committee and a member of the Environmental and Social Responsibility
Committee. He is Chairman of the Board and Chief Executive Officer of Chivas
Industries LLC, having held that position (including with its predecessor,
Chivas Products, Ltd.) since October 1994. From December 1992 to July 1993,
Mr. Anderson was President and Chief Executive Officer of Composite Energy
Management Systems, Incorporated. Mr. Anderson served in a variety of
positions, primarily in manufacturing, with General Motors Corporation from
1979 until December 1992. He also served as an assistant to the U.S.
Secretary of Commerce from 1977 to 1979. Mr. Anderson is a director of Quaker
Chemical Corporation, United Services Automotive Association and R. R.
Donnelley & Sons Co. and is a trustee of Kettering University. He is also a
director, trustee or member of a number of business, educational and civic
organizations.
William D. George, Jr.
Retired President and Chief Executive Officer, S. C. Johnson Wax
Age 68
Mr. George, a director since July 2000 and a director of Arvin Industries
from 1994 until July 2000, is Chairman of the Audit Committee and a member of
the Environmental and Social Responsibility Committee. Since 1981, he served
in a variety of positions with S.C. Johnson Wax, including Executive Vice
President and Chief Operating Officer, Worldwide Consumer Products from 1988
to 1990, and President, Worldwide Consumer Products from 1990 to 1993. Mr.
George was elected President and Chief Executive Officer of S.C. Johnson Wax
in 1993, positions he held until retirement in 1997. He is also a director of
Ralcorp Holdings, Reilly Industries, Inc. and Nobex Corporation, and is a
member of the Board of Trustees of Carthage College.
Richard W. Hanselman
Chairman of the Board, Health Net, Inc.
Age 73
Mr. Hanselman, a director since July 2000 and a director of Arvin
Industries from 1983 until July 2000, is a member of the Board Composition
Committee. He is the Chairman of the Board of Health Net, Inc., a position he
has held (including with its predecessor Foundation Health Corporation) since
1999. Earlier, Mr. Hanselman Joined Genesco, Inc. in 1980 and was named Chief
Executive Officer in 1981, serving in that capacity and as Chairman of the
Board until 1986. He serves on the boards of four privately held companies
and is Chairman of one, and is a trustee of the Committee for Economic
Development.
Charles H. Harff
Retired Senior Vice President, General Counsel and Secretary of Rockwell
International Corporation
Age 71
Mr. Harff, a director since July 2000 and a director of Meritor Automotive
from 1997 until July 2000, is a member of the Audit Committee and the
Compensation and Management Development Committee. He is a consultant to
Rockwell International Corporation. From June 1984, when he joined Rockwell,
until November 1994, Mr. Harff served as Senior Vice President, General
Counsel and Secretary of Rockwell. From November 1994 to February 1996, Mr.
Harff served as Senior Vice President and Special Counsel of Rockwell. He is
a director of the Fulbright Association, the Christian A. Johnson Endeavor
Foundation and several civic organizations.
Larry D. Yost
Chairman of the Board and Chief Executive Officer of ArvinMeritor, Inc.
Age 62
Mr. Yost has been a director since March 2000, when he was elected to his
present position, and was a director of Meritor Automotive from 1997 until
July 2000. Mr. Yost joined Allen-Bradley Company, LLC, a subsidiary of
Rockwell International Corporation, as a manager in 1971 and, after serving in
a number of increasingly responsible management positions, served as Senior
Vice President, Operations, of Allen-Bradley from July 1992 until November
1994. He served as President, Heavy Vehicle Systems of Rockwell from November
1994 until March 1997 and was Senior Vice President and President, Automotive
and Acting President, Heavy Vehicle Systems of Rockwell from March 1997 to
September 1997. He served as Chairman of the Board and Chief Executive
Officer of Meritor Automotive from May 1997 until July 2000. Mr. Yost is a
director of Kennametal Inc. and a trustee of Kettering University.