ArvinMeritor to close assembly operation
Aug 1, 2007 12:00 PM
ArvinMeritor Inc announced it would close its Commercial Vehicle Systems (CVS) assembly operation in St Thomas, Ontario, Canada, by Nov 23, 2007. This closure is part of previously announced restructuring actions in North America and Europe, which the company expects to affect 13 plants and 2,800 employees, resulting in an estimated annual run rate savings of $130-$140 million by 2012.
The facility in St Thomas employs 17 people and serves as an assembly site for the company's drivelines. Operations based in St Thomas will be transferred to ArvinMeritor's facility in Laurinburg NC.
ArvinMeritor will offer outplacement support and severance and benefits packages to affected employees.
WABCO listed on New York Stock Exchange
WABCO, provider of electronic braking, stability, suspension, and transmission control systems for commercial vehicles, made its debut August 1 on the New York Stock Exchange, trading under the symbol WBC.
The company previously operated as the Vehicle Control Systems business of American Standard Companies. American Standard announced plans to spin off the business February 1, and completed the separation July 31. WABCO was originally part of the Westinghouse Air Brake Co, which was founded in 1869 and acquired by American Standard in 1968.
