ArvinMeritor and Chery Form Chassis Systems Joint Venture
ArvinMeritor Partners with China's Fastest Growing OEM
SHANGHAI, China, July 24 -- ArvinMeritor, Inc. (NYSE:ARM) and Chery announced today that the parties have entered into a joint venture partnership to design and manufacture chassis systems and components. The new joint venture, ArvinMeritor Chassis Systems Wuhu Co., will evolve to a $150-million full-systems chassis supplier by 2010. Production of shocks and struts will begin as early as 2008.
"ArvinMeritor's alliance with Chery is a great example of the company attaining strategic growth from three key focus areas; increasing business with Asian customers, expanding in emerging markets, and growing our light vehicle chassis business," said Phil Martens, president of ArvinMeritor's Light Vehicle Systems business group. "This new business, which is quickly ramping up, comes on the heels of several other new Chery contracts with ArvinMeritor for its door systems technologies. We're honored that Chery continues to choose us as its technology partner," continued Martens. "We see these contracts as the first steps of many long-term opportunities for both companies."
"As the automotive footprint continues to evolve, ArvinMeritor is well positioned to participate in Asia's explosive growth through its global partnerships and manufacturing network, including today's announcement with Chery," said Rakesh Sachdev, president of ArvinMeritor's Asia Pacific operation. "The new chassis systems joint venture plant in Wuhu will be one of several China-based facilities ArvinMeritor is adding to its network over the next 18 months in support of new business with customers in the region."
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. Headquartered in Troy, Mich., ArvinMeritor employs approximately 19,000 people in 24 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/.
Source: ArvinMeritor, Inc.
CONTACT: media, Colleen Hanley, ArvinMeritor, +1-248-435-1587, or colleen.hanley@arvinmeritor.com; or Henry Zhuang, +86-21-2411-0022, or hezhuang@webershandwick.com, or investors, Terry Huch of ArvinMeritor, +1-248- 435-9426, or terry.huch@arvinmeritor.com
Web site: http://www.arvinmeritor.com/
