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Meritor, Inc. (NYSE: MTOR) is a globally recognized leader in providing innovative drivetrain, mobility, braking, aftermarket, and electric powertrain solutions. With over 110 years of experience, Meritor is renowned for delivering superior performance, efficiency, and reliability. The company caters to a diverse range of markets, including commercial trucks, trailers, off-highway vehicles, defense, specialty sectors, and aftermarket services.
Headquartered in Troy, Michigan, Meritor operates with a robust workforce of more than 8,600 employees. These professionals are spread across manufacturing facilities, engineering centers, joint ventures, distribution centers, and global offices in 19 countries, ensuring a broad and efficient service network.
Meritor's product portfolio is extensive, featuring advanced drivetrain systems, high-performance braking solutions, and cutting-edge mobility and electric powertrain systems. The company's continuous commitment to innovation is evident in its recent achievements and ongoing projects, including significant advancements in electric powertrain technologies aimed at enhancing vehicle efficiency and sustainability.
Financially, Meritor has demonstrated consistent growth and stability, supported by strategic partnerships and collaborations. The company’s commitment to excellence has earned it a strong reputation among its global clientele. Notably, Meritor's recent integration into Cummins Inc. marks a significant milestone, poised to amplify its technological capabilities and market reach.
Meritor's dedication to quality and customer satisfaction has positioned it as a trusted supplier in the commercial vehicle and industrial markets. The company's strategic initiatives and forward-looking approach continue to drive its success and ensure its relevance in an ever-evolving industry.
On May 9, 2022, Meritor (NYSE: MTOR) announced significant production milestones for its 14Xe™ ePowertrain. The company has produced nearly 300 electric powertrains, logging approximately 350,000 miles on commercial vehicles equipped with this technology. The 14Xe ePowertrain is designed for zero emissions and offers efficiency, performance, and adaptability to various applications in Class 6-8 commercial vehicles. Meritor will showcase the product at the Advanced Clean Transportation Expo in Long Beach, California, from May 9-12, 2022.
On May 9, 2022, Meritor announced the production launch of its Power Control and Accessory System (PCAS) for zero-emission commercial vehicles. This fourth-generation system, developed over ten years with over 1.7 million real-world test miles, enhances electrification capabilities by providing power management for various vehicle subsystems. Key features include on-demand electric accessories management, thermal management, and single pedal driving. Meritor will showcase the PCAS at the Advanced Clean Transportation Expo from May 9-12 in Long Beach, California.
Meritor, Inc. (MTOR) reported its Q2 fiscal 2022 results, posting sales of $1,154 million, up 17% year-over-year. Net income remained flat at $62 million, translating to $0.85 per diluted share. Adjusted income rose to $70 million, or $0.98 per adjusted share. Despite revenue growth, operating cash flow was negative at $17 million, predominantly due to increased working capital. The company announced a planned acquisition by Cummins, with a shareholder meeting scheduled for May 26, 2022.
Meritor, Inc. (NYSE: MTOR) will release its second-quarter results for fiscal year 2022 on May 3, 2022. In light of an pending acquisition proposal from Cummins, Inc., Meritor will not hold a conference call following the earnings release. The company will distribute its standard financial results via PR Newswire and on its website, meritor.com. Meritor supplies drivetrain, mobility, braking, aftermarket, and electric powertrain solutions across commercial and industrial markets.
Meritor, Inc. (NYSE: MTOR) has signed a three-year standard position agreement with Extreme Trailers, LLC. This agreement includes supplying MTA™ and MTA-Tec6™ suspensions along with the latest EX+™ LS single piston air disc brakes and the Meritor Tire Inflation System (MTIS™). The MTA-Tec6 suspension is noted for its lightweight design and 23,000-pound capacity, aimed at enhancing performance in demanding applications. The partnership aims to drive innovation and improve solutions in the trailer market.
Clarience Technologies and Meritor (NYSE: MTOR) are entering a technology alliance aimed at enhancing connectivity solutions for commercial trucks and trailers. As an initial step, Meritor will join the Road Ready LogIQ™ smart partner network, enabling direct access to its smart component data. The partnership is expected to integrate new sensing technologies to improve fleet management, reduce costs, and increase supply chain visibility. As telematics solutions gain traction, the collaboration positions both companies to meet growing market demands.
Meritor (NYSE: MTOR) has announced a collaboration with ConMet to develop specialized trailer suspensions, brakes, and tire inflation systems for zero-emission refrigerated trailers. This partnership focuses on integrating Meritor's redesigned trailer suspension and drum brake systems with ConMet's PreSet Plus® eHub technology. The jointly developed solutions aim to advance e-mobility in commercial transportation. Saad Malik, from Meritor, emphasized the significance of this innovation in addressing future transportation needs.
Cummins has announced the acquisition of Meritor for $36.50 per share, totaling approximately $3.7 billion. This strategic move aims to enhance Cummins' powertrain components and accelerate electrified power solutions.
With projected annual pre-tax run-rate synergies of about $130 million by year three, the deal is expected to be immediately accretive to Cummins’ adjusted EPS. The acquisition aligns with the growing demand for decarbonized solutions in commercial and industrial sectors.
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