Meritor Reaches Agreement to Divest Sun Visor Business to Grupo Antolin
2 December 1999
Meritor Reaches Agreement to Divest Sun Visor Business to Grupo Antolin
TROY, Mich., Dec. 2 -- Meritor Automotive, Inc. ,
announced that, effective today, it has completed the sale of its Light
Vehicle Systems (LVS) sun visor production operations located in Rupt-sur-
Moselle, France, to Grupo Antolin-Vosges S.A.S., a new French corporation
being established by Grupo Antolin-Irausa S.A. of Spain. Terms of the sale
were not disclosed.
Terry O'Rourke, Meritor senior vice president and president of its LVS
business explained: "Divesting our sun visor operations, which is a non-core
business for LVS, further demonstrates our commitment to pursue our LVS growth
strategy in the aperture (door, access control and roof systems) and
undercarriage (components and systems, such as suspensions, wheels, corner
modules and other components) markets worldwide."
Meritor's former sun visor operations in Rupt-sur-Moselle produce and
supply to Europe's leading vehicle interior suppliers, including Grupo
Antolin, sun visors for light vehicles. The business employs more than 180
people at its Rupt-sur-Moselle facility.
Damian Gordo, Grupo Antolin's Commercial Director and CEO for its North
American Operations said: "Acquiring Meritor's sun visor business enables
Grupo Antolin to enhance its position as the largest supplier in Europe of
highly functional, low cost, modular headliner solutions for car manufacturers
worldwide. It is Grupo Antolin's strategy to integrate modular headliner
components. Therefore, this acquisition will meet Grupo Antolin's
requirements on sun visor production."
Meritor, with 1999 sales of $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.
Meritor Internet web site: http://www.meritorauto.com