TROY,
Mich., May 26, 2022 /PRNewswire/ -- Meritor, Inc.
(NYSE: MTOR) today announced that its shareholders have voted to
approve the previously announced pending acquisition by Cummins
Inc. (NYSE: CMI) at a special meeting.
"The strong support our shareholders have expressed for this
transaction reflects the compelling value and important opportunity
to shape the future of powertrain components and accelerate
development of electrified power solutions for commercial
vehicles," said Chris Villavarayan,
CEO and president of Meritor. "We look forward to securing the
remaining regulatory approvals and closing the transaction."
Meritor continues to work toward completing the transaction and
remains focused on supporting its customers around the world. The
transaction is expected to close by the end of calendar year 2022,
subject to the satisfaction or permitted waiver of all remaining
closing conditions and receipt of applicable regulatory
approvals.
The final voting results for each proposal voted on at the
special meeting will be set forth in a Form 8-K filed by Meritor
with the U.S. Securities and Exchange Commission.
About Meritor
Meritor, Inc. is a leading global
supplier of drivetrain, mobility, braking,
aftermarket and electric powertrain solutions
for commercial vehicle and industrial markets. With more than a
110-year legacy of providing innovative products that offer
superior performance, efficiency and reliability, the company
serves commercial truck, trailer, off-highway, defense, specialty
and aftermarket customers around the world.
Meritor is based in Troy, Mich., United States, and is made up of more than
9,600 diverse employees who apply their knowledge and skills in
manufacturing facilities, engineering centers, joint ventures,
distribution centers and global offices in 19 countries.
Meritor common stock is traded on the New York Stock Exchange
under the ticker symbol MTOR. For important
information, visit the company's website at
www.meritor.com.
Forward-Looking Statement
This release contains statements relating to future results
of the company (including certain outlooks, 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 the occurrence of any event, change or other
circumstances that could give rise to the termination of the merger
agreement pursuant to which the company would become a wholly owned
subsidiary of Cummins Inc. (the "Merger"); the failure to obtain
certain required regulatory approvals or the failure to satisfy any
of the other closing conditions to the completion of the Merger
within the expected timeframes or at all; risks related to
disruption of management's attention from ongoing business
operations due to the Merger; the effect of the announcement of the
Merger on the ability to retain and hire key personnel and maintain
relationships with customers, suppliers and others with whom the
company does business, or on operating results and business
generally; the ability to meet expectations regarding the timing
and completion of the Merger; risks associated with merger-related
litigation; the duration and severity of the COVID-19 pandemic and
its effects on public health, the global economy and financial
markets, as well as our industry, customers, operations, workforce,
supply chains, distribution systems and demand for our products;
the ongoing conflict between Russia and Ukraine; reliance on major OEM customers and
possible negative outcomes from contract negotiations with our
major customers, including failure to negotiate acceptable terms in
contract renewal negotiations and our ability to obtain new
customers; the outcome of actual and potential product liability,
warranty and recall claims; our ability to successfully manage
rapidly changing volumes in the commercial truck markets and work
with our customers to manage demand expectations in view of rapid
changes in production levels; global economic and market cycles and
conditions; availability and sharply rising costs of raw materials,
including steel, transportation and labor, and our ability to
manage or recover such costs; technological changes in our industry
as a result of the trends toward electrified drivetrains and the
integration of advanced electronics and their impact on the demand
for our products and services; our ability to manage possible
adverse effects on European markets or our European operations, or
financing arrangements related thereto in the event one or more
countries exit the European monetary union; risks inherent in
operating abroad (including foreign currency exchange rates,
restrictive government actions regarding trade, implications of
foreign regulations relating to pensions and potential disruption
of production and supply due to terrorist attacks or acts of
aggression); risks related to our joint ventures; the ability to
achieve the expected benefits of strategic initiatives and
restructuring actions; our ability to successfully
consummate the acquisition of the Siemens Commercial Vehicles Bus
& Truck business; our ability to successfully integrate the
products and technologies of the Siemens Commercial Vehicles Bus
& Truck business and future results of such acquisition,
including its generation of revenue and its being accretive;
the demand for commercial and specialty vehicles for which we
supply products; whether our liquidity will be affected by
declining vehicle production in the future; OEM program delays;
demand for and market acceptance of new and existing products;
successful development and launch of new products; labor relations
of our company, our 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 our
suppliers and customers, including potential bankruptcies; possible
adverse effects of any future suspension of normal trade credit
terms by our suppliers; potential impairment of long-lived assets,
including goodwill; potential adjustment of the value of deferred
tax assets; competitive product and pricing pressures; the amount
of our debt; our ability to continue to comply with covenants in
our financing agreements; our ability to access capital markets;
credit ratings of our debt; the outcome of existing and any future
legal proceedings, including any proceedings or related liabilities
with respect to environmental, asbestos-related, or other matters;
rising costs of pension benefits; possible changes in accounting
rules; and other substantial costs, risks and uncertainties,
including but not limited to those detailed in our Annual Report on
Form 10-K for the year ended October 3,
2021, our Quarterly Report on Form 10-Q for the quarter
ended April 3, 2022 and from time to
time in other 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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SOURCE Meritor, Inc.