ArvinMeritor Names Rakesh Sachdev President of Asia Pacific
Company Announces New Asian Technical Center in China
TROY, Mich., March 28 -- ArvinMeritor, Inc., announced today that Rakesh Sachdev has been named president of Asia Pacific, effective immediately. Sachdev will report directly to ArvinMeritor's Chairman, Chief Executive Officer and President, Charles G. "Chip" McClure.
"Rakesh has been a long-standing and integral member of ArvinMeritor's executive management team with extensive experience in several areas including, operations, finance, strategy, and mergers and acquisitions. Rakesh has made many significant contributions to the company's success," said McClure. "Given the challenging global environment in which we are operating, we are keenly focused on positioning the company for sustainable growth. Rakesh's appointment is further evidence of our commitment to global expansion, especially in Asia where we see tremendous opportunities, both in the passenger car and commercial vehicle markets. His operational expertise and industry knowledge will help us rapidly advance our strategic plan and generate growth."
In his new role as President of ArvinMeritor in Asia Pacific, Sachdev will be responsible for managing existing customer relationships, forging new relationships and overseeing the company's operations in China, India, Australia, Japan, Korea, Singapore, Thailand, Indonesia, Malaysia, the Philippines and Vietnam. Sachdev will focus on helping ArvinMeritor achieve its stated goals of:
-- Tripling profitable sales in three to five years by adding over $1 billion in revenues with both domestic and global OEM customers -- Increasing outsourcing from the region to more than $1 billion in purchases from existing and new suppliers, and -- Substantially expanding ArvinMeritor's engineering and product development footprint in India and China
Sachdev most recently served as senior vice president of Strategy and Corporate Development for ArvinMeritor. In this role, Sachdev was responsible for leading efforts to develop and implement ArvinMeritor's global strategies and all corporate development activities. Prior to leading Strategy and Corporate Development, Sachdev served as the interim CFO, vice president and controller, and vice president and general manager of Worldwide Braking Systems for ArvinMeritor's Commercial Vehicle Systems (CVS) business group. Sachdev joined ArvinMeritor in 1999 as vice president and general manager for CVS' global trailer products group, after more than 18 years of senior management experience with Cummins Engine Company.
ArvinMeritor also announced today it will increase the company's technical capabilities in Asia by building a new technical center in China. In addition, the company plans to double the size of its technical center in India.
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 light vehicle, commercial truck, trailer and specialty original equipment manufacturers and certain aftermarkets from more than 110 manufacturing facilities globally. Headquartered in Troy, Mich., ArvinMeritor employs approximately 27,500 people 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/.
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; 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, including our recently announced agreement to sell our Emissions Technologies business; potential impairment of long- lived assets, including goodwill; 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; 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.
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