At special meetings held today, shareholders of Arvin Industries, Inc. (NYSE:) and Meritor Automotive, Inc. (NYSE:), approved the merger of the two companies. As a result, the two will merge to form ArvinMeritor, Inc. (NYSE:), a $7.5 billion global automotive supplier. The companies expect the merger to take effect late Friday, July 7, 2000. ArvinMeritor stock is scheduled to begin trading on the New York Stock Exchange on Monday, July 10, 2000, under the ticker symbol “ARM.”
Owners of Arvin and Meritor shares will receive information on exchanging their shares of stock for newly issued ArvinMeritor, Inc. common stock through the company’s joint exchange agent, EquiServe Trust Company. Under the terms of the merger agreement, Arvin shareholders will receive one share of ArvinMeritor common stock plus $2.00 in cash for each share owned of Arvin common stock. Meritor shareholders will receive 0.75 share of ArvinMeritor common stock for each share owned of Meritor common stock. As a result, the completed merger will create 71.0 million shares of ArvinMeritor common stock.
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Arvin Industries, Inc., is a global manufacturer of automotive components with over 60 manufacturing facilities and 6 technical centers located in 22 countries. Arvin is a leading manufacturer of automotive exhaust systems; ride control products; air, oil and fuel filters; and gas charged lift supports. Replacement products are sold under various trademarks including Arvin, Maremont, Timax, ANSA and ROSI exhaust systems; Gabriel shock absorbers; Purolator filters; and StrongArm gas charged lift supports.
Meritor, with 1999 sales of $4.5 billion, is a global supplier of a broad range of systems and components for commercial, specialty and light vehicle OEMs and the aftermarket. Meritor consists of two businesses: Heavy Vehicle Systems, a leading supplier of complete drivetrain systems and components for medium- and heavy-duty trucks, trailers and off-highway equipment and specialty vehicles, including military, bus coach, and fire and rescue; and 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.
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