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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 August 4, 2021, Meritor, Inc. (NYSE: MTOR) will hold a conference call at 8:30 a.m. ET to discuss its third-quarter fiscal results. Interested participants can join by calling (844) 412-1003 in the U.S. or (216) 562-0450 internationally. The results will be released before the call and available on meritor.com. A replay will be accessible from 11:30 a.m. ET on August 4 until 11:30 a.m. ET on August 11. Meritor is a key player in drivetrain and mobility solutions for the commercial vehicle sector.
Meritor, Inc. (MTOR) received PACCAR's 10 PPM Quality Award for 2020 at six plants, highlighting exceptional quality control with less than ten defective parts per million. The awarded plants include locations in Franklin and Manning, achieving a defect level of 0 PPM. This recognition underscores Meritor's commitment to quality, safety, and performance, especially during challenging industry conditions. In total, 369 suppliers across 27 countries were honored with this award.
Meritor, Inc. (NYSE: MTOR) has announced the appointment of Elizabeth A. Fessenden as a Class II director, effective June 1, 2021. Her term will expire at the 2023 annual meeting of shareholders, expanding the board to 11 members. Fessenden brings over 25 years of P&L management experience, previously serving at American Capital and Alcoa. CEO Chris Villavarayan expressed optimism about her addition, highlighting her potential to enhance long-term shareholder value. Fessenden holds multiple degrees, including in systems engineering and electrical engineering, from Clarkson University.
Meritor, Inc. (NYSE: MTOR) reported second-quarter fiscal 2021 results with sales of $983 million, a 13% increase year-over-year. Net income was $63 million, down from $241 million in the prior year, heavily affected by a $203 million income related to a previous WABCO distribution agreement. Adjusted EBITDA increased to $111 million, though margins fell to 11.3%. The company maintains fiscal year 2021 guidance with revenues projected between $3.65B and $3.8B and EPS between $2.00 and $2.15, despite headwinds from rising steel costs and increased electrification expenses.
Meritor, Inc. (NYSE: MTOR) announced a collaboration with Hexagon Purus to integrate its Blue Horizon™ 14Xe™ electric powertrain into Hexagon's projects for Class 6, 7, and 8 trucks. This partnership aims to advance clean mobility solutions in the commercial vehicle sector, with production expected to commence in 2021. Meritor's vice president highlighted the commitment to innovative technologies, while Hexagon's executive emphasized the shared vision for zero-emission vehicles.
Meritor, Inc. (NYSE: MTOR) announced the appointment of Joe Mejaly as vice president of North America Aftermarket, effective May 3, 2021. Mejaly will oversee all aspects of the Aftermarket business in North America, reporting to Tim Bowes. With 36 years in the commercial vehicle industry, Mejaly's previous roles include senior vice president at DENSO Products and Services Americas and 27 years at Meritor. His leadership is expected to aid the execution of strategic objectives for the business.
Meritor, Inc. (NYSE: MTOR) announced the appointment of Jim Keane as vice president of Industrial, effective May 3, 2021. Keane, who has been with Meritor since 2005, will oversee the company's global Industrial strategy, including Engineering, Sales, and Product Management. His previous roles include senior director of Global Industrial Engineering, highlighting his extensive experience in the company. This leadership change aims to strengthen Meritor's Industrial business and align with its growth objectives.
Meritor, Inc. (NYSE: MTOR) launched a new Trailer Axle Components Selector Tool on MeritorPartsXpress.com. This tool simplifies the identification of components for trailer axles and wheel ends, reducing incorrect orders and improving fleet uptime. The tool responds to customer demand for streamlined identification of aftermarket parts across six categories. Additional site enhancements include expanded functionality for pricing comparisons and real-time order updates. Meritor aims to enhance customer experience as part of its M2022 strategic goals.
Meritor, Inc. (NYSE: MTOR) has achieved a production milestone with its one millionth air disc brake manufactured at its York, South Carolina facility. Since 1981, Meritor has produced over 10 million air disc brakes globally. The York facility, which opened in 1980, also manufactures drum brake components and provides axle assembly services. Over the last five years, Meritor invested around $25 million to enhance air disc brake production, adding more than 50 jobs to support this increase. This milestone reflects the company's commitment to operational excellence and product safety.
Meritor, Inc. (NYSE: MTOR) will host a conference call on May 4, 2021, at 9 a.m. ET to discuss its second-quarter results for fiscal year 2021. Investors can join the call by dialing (844) 412-1003 within the U.S. or (216) 562-0450 internationally, using conference ID: 1999651. A replay will be available from 12 p.m. ET on May 4 to 12 p.m. ET on May 11. The financial results will be released prior to the call and accessible on the company’s website.
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