Arvinmeritor logs 2Q loss
ArvinMeritor posted a second quarter loss for fiscal-year 2007 of $13 million, compared to earnings of $32 million for the same period last year. Revenues from continuing operations held steady at $1.6 billion.
Although commercial vehicle sales in Europe improved over 2006, they were offset by lower volumes in North America due to the EPA 2007 emissions-related prebuy.
The company announced that its restructuring initiative, dubbed Performance Plus, is under way. Savings of $150 million are expected from cost reductions and the restructuring initiative, which will impact 13 plants and 2,800 employees.
The company noted that the sale of its Emissions Technologies business group for $310 million is expected to be completed in the 3Q 2007.
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