Meritor Completes Sale Of Seat Adjusting Systems Business to Dura
1 December 1999
Meritor Automotive Completes Sale Of Seat Adjusting Systems Business to Dura AutomotiveTROY, Mich., Dec. 1 -- Meritor Automotive, Inc. today announced that it has completed the sale of its Light Vehicle Systems (LVS) seat adjusting systems business, to Dura Automotive Systems, Inc. for cash consideration of $130 million. The seat adjusting systems business develops and supplies the industry's leading seat makers with manual and two-, four- and six-way powered seat adjusting systems. As it previously announced on Oct. 28, 1999, Meritor agreed to sell the business to Dura because it no longer was core to the strategic direction of Meritor's LVS business. Terry O'Rourke, senior vice president and president of Meritor's LVS business explained: "Completing the sale of this business illustrates Meritor's commitment to pursue its two-pronged LVS strategy: to obtain a world-leading position in aperture systems that include door, access control and roof systems, and to become a global market force in undercarriage components and systems including suspensions, wheels and corner modules." Meritor, with 1999 sales of more than $4.5 billion, is a global supplier of a broad range of components and systems for commercial, specialty and light vehicle OEMs and the aftermarket. Meritor consists of two businesses: Light Vehicle Systems, a major supplier of roof, door, access control and suspension systems and wheel products for passenger cars, light trucks and sport utility vehicles, and Heavy Vehicle Systems, a leading supplier of drivetrain systems and components for medium- and heavy-duty trucks, trailers and off-highway equipment and specialty vehicles, including military, bus and coach, and fire and rescue. 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. Actual results may differ materially from those projected as a result of various risks and uncertainties, including but not limited to global economic and market conditions; the demand for commercial, specialty and light vehicles for which the company supplies products; risks inherent in operating abroad; 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 customers and suppliers; and competitive product and pricing pressures, as well as other risks and uncertainties, including but not limited to those detailed from time to time in the company's Securities and Exchange Commission filings. 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.