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Veteran Expediter
By Light & Medium Truck
Heavy-duty truck parts maker ArvinMeritor Inc. has said it will cut 1,250 jobs and may sell the auto-components unit it had planned to spin off to shareholders.
The job reductions – which represent about 7% of the company’s workforce – are mostly complete. The moves are part of a $125 million cost savings plan set for 2009 and affect 450 salaried and 800 hourly positions, ArvinMeritor said in a statement.
Although the company said in May that it would spin off its $2.2 billion auto unit into a new company called Arvin Innovation, its now looking at other alternatives for the division.
“Although the LVS [light vehicle system] spin-off continues to be an option, ArvinMeritor is investigating other alternatives to achieve the separation, including a potential sale,” the company said.
Heavy-duty truck parts maker ArvinMeritor Inc. has said it will cut 1,250 jobs and may sell the auto-components unit it had planned to spin off to shareholders.
The job reductions – which represent about 7% of the company’s workforce – are mostly complete. The moves are part of a $125 million cost savings plan set for 2009 and affect 450 salaried and 800 hourly positions, ArvinMeritor said in a statement.
Although the company said in May that it would spin off its $2.2 billion auto unit into a new company called Arvin Innovation, its now looking at other alternatives for the division.
“Although the LVS [light vehicle system] spin-off continues to be an option, ArvinMeritor is investigating other alternatives to achieve the separation, including a potential sale,” the company said.
