ArvinMeritor shareowners voted to change the company’s name back to Meritor Inc. during the firm’s annual meeting last month – a change that will take effect in late March this year, which will include a change to its stock ticker symbol as well.
“The company is taking this action because the Meritor name is recognized by our commercial vehicle and industrial customers around the world,” noted Chip McClure, ArvinMeritor’s chairman, CEO & president, in the firm’s quarterly earnings report.
“With our recent sale of the Body Systems business, this change makes sense. We are now organized to focus entirely on innovative products and technologies that offer superior performance, energy efficiency and reliability,” he added.
On Jan. 3 this year, ArvinMeritor finalized the sale of its aforementioned body systems businessto Inteva Products, LLC – a wholly owned subsidiary of The Renco Group – for roughly $35 million; completing in McClure’s words a “transformation” for the company, making it entirely focused on three core global business groups: commercial truck, industrial, and aftermarket and trailer.
“Changing the name back to Meritor gives us the opportunity to leverage the strong reputation we've developed, and to build on it as we continue to define ourselves as the recognized leader in drivetrain, mobility, braking and aftermarket solutions in commercial vehicle and industrial markets,” he added.