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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.
Meritor, Inc. (NYSE: MTOR) has secured a standard position agreement with Terex Advance Mixer to supply front- and rear-drive axles. The deal includes the MX23-810™ front-drive axle with EX+™ air disc brakes and other axles with drum brakes or optional air disc brakes. This partnership enhances Meritor's commitment to expand its industrial business, emphasizing safety and customer support. Terex Advance Mixer expresses enthusiasm for the ongoing collaboration, highlighting the shared goal of delivering best-in-class performance.
On Nov. 16, 2020, Meritor, Inc. (NYSE: MTOR) priced a private placement of $275 million in 4.50% unsecured senior notes due 2028. The offering targets qualified institutional buyers and is expected to close on Dec. 1, 2020. Proceeds will be used to redeem $275 million of its outstanding 6.25% notes due 2024. The notes are unregistered and will be guaranteed by Meritor's subsidiaries. The company continues to monitor external challenges, including the impact of COVID-19 and economic conditions on its operations.
Meritor, Inc. (NYSE: MTOR) announced the redemption of $275 million of its outstanding $450 million 6-1/4% notes due 2024. The redemption is scheduled for December 16, 2020, with a redemption price equal to 102.083% of the principal amount, plus any accrued interest. After this date, the redeemed notes will cease to accrue interest unless there is a payment default. The notice of redemption was sent to registered holders, and details regarding the procedure can be obtained from The Bank of New York Mellon Trust Company, N.A.
Meritor, Inc. (NYSE: MTOR) announced plans to offer $275 million in unsecured senior notes due 2028 in a private placement to institutional buyers. The company intends to utilize the net proceeds to redeem a portion of its existing 6.25% senior notes due 2024. The offering will not be registered under the Securities Act, and as such, cannot be sold in the U.S. without proper registration. This decision reflects Meritor's strategy to manage its debt effectively amid current market conditions.
Meritor, Inc. (NYSE: MTOR) and Daimler Trucks North America have announced a five-year extension for providing Meritor's EX+™ LS air disc brakes on Freightliner Cascadia trucks through 2025. The new contract will standardize these brakes on all-wheel positions starting Q1 2021, along with options for other models. Meritor's EX+ LS is noted for its lightweight design, exceptional performance, and customer satisfaction, enhancing the partnership with DTNA. This agreement ensures continued supply of key components into the North America market.
Meritor reported fourth-quarter sales of $758 million, down 26% from last year. Net income was $1 million, or $0.01 per share, significantly lower than $43 million in Q4 2019. Adjusted EBITDA dropped to $60 million with a 7.9% margin, down from 11.3% the previous year. For fiscal year 2020, sales totaled $3 billion, a 31% decline, and net income was $245 million. The company anticipates fiscal year 2021 revenue between $3.1 billion and $3.35 billion.
Meritor, Inc. (NYSE: MTOR) announced a leadership transition effective February 28, 2021. Jay Craig will become executive chairman, while Chris Villavarayan, currently COO, will take over as CEO. Craig highlighted the leadership change as timely, aligning with the ongoing M2022 plan. Villavarayan expressed enthusiasm for advancing technology leadership in commercial vehicles, emphasizing a commitment to innovation. The board expressed gratitude for Craig's leadership, noting his role in expanding the product portfolio and strengthening financials.
Meritor, Inc. (NYSE: MTOR) announced the redemption of all outstanding $23,285,000 principal amount of 7.875% convertible senior notes due 2026, effective December 1, 2020. Investors can convert these notes into stock at a conversion price of approximately $12.00 per share until November 30, 2020. The redemption price will equal 100% of the accreted principal plus any accrued interest. Following the redemption date, interest will cease unless Meritor defaults on the payment. This announcement does not solicit offers to buy or sell securities.
Meritor, Inc. (NYSE: MTOR) is set to discuss its fiscal year 2020 fourth-quarter and full-year results on November 12, 2020, at 9 a.m. ET. A conference call will be accessible via phone and webcast. Participants can join by calling (844) 412-1003 in the U.S. or (216) 562-0450 internationally, with access details available on the company website. The earnings release will precede the call, aiming to provide investors with crucial financial insights.
Meritor announces that holders of its 7.875% Convertible Senior Notes, due 2026 (MTOR), can convert their notes starting October 1, 2020, until December 31, 2020. The conversion rate is set at 83.3333 shares per $1,000 principal, equating to approximately $12.00 per share. This option is triggered as the stock's price exceeded 120% of the conversion price over a specified trading period. The conversion will settle in cash and stock. Meritor advises that no recommendations have been made regarding the conversion.
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