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United States

Meritor Inc (MTOR.DF)

MTOR.DF on NASD Alternative Display Facility for NYSE/AMEX Issues

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18 Apr 2019
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Latest Key Developments (Source: Significant Developments)

Maremont Corporation, A Meritor, Inc. Non-Operating Subsidiary, Files For Chapter 11
Tuesday, 22 Jan 2019 04:30pm EST 

Jan 22 (Reuters) - Meritor Inc ::MAREMONT CORPORATION, A MERITOR, INC. NON-OPERATING SUBSIDIARY, FILES FOR CHAPTER 11 TO IMPLEMENT ITS JOINT PRE-PACKAGED PLAN OF REORGANIZATION AND EQUITABLY AND PERMANENTLY RESOLVE ASBESTOS CLAIMS.MERITOR INC - VOTING ASBESTOS CLAIMANTS UNANIMOUSLY SUPPORT PRE-PACKAGED PLAN OF REORGANIZATION.MERITOR INC - MERITOR AND ITS NON-MAREMONT SUBSIDIARIES ARE NOT INCLUDED IN FILING AND WILL CONTINUE TO OPERATE AS USUAL.MERITOR INC - FUNDING FOR 524(G) TRUST WILL CONSIST OF A $28 MILLION CONTRIBUTION BY MERITOR.MERITOR INC - MERITOR'S EQUITY INTERESTS IN MAREMONT WILL BE CANCELLED..MERITOR INC - MERITOR AND ITS OTHER NON-DEBTOR SUBSIDIARIES WILL RECEIVE CERTAIN RELEASES AND OTHER PROTECTIONS UNDER TERMS OF PLAN.MERITOR INC - MERITOR AND ITS OTHER NON-DEBTOR SUBSIDIARIES ARE NOT PART OF CHAPTER 11 FILING AND WILL CONTINUE TO OPERATE AS USUAL.MERITOR INC - KEY TERMS OF PLAN INCLUDE ALL CLAIMS OTHER THAN ASBESTOS CLAIMS AGAINST MAREMONT AND UNIT DEBTORS WILL BE PAID IN FULL OR REINSTATED.MERITOR - PLAN TO PERMANENTLY RESOLVE CURRENT, FUTURE ASBESTOS CLAIMS RELATED TO MAREMONT'S ASBESTOS-RELATED ACTIVITIES THROUGH CREATION OF TRUST.MERITOR INC - IF PLAN IS CONFIRMED BY BANKRUPTCY COURT, MAREMONT WILL FUND A 524(G) TRUST TO ADDRESS ITS CURRENT AND FUTURE ASBESTOS CLAIMS.MERITOR INC - 524(G) TRUST WILL OWN 100% OF EQUITY INTERESTS IN REORGANIZED MAREMONT..  Full Article

Meritor Reports Q1 Loss Per Share $0.40 From Continuing Operations
Wednesday, 31 Jan 2018 06:45am EST 

Jan 31 (Reuters) - Meritor Inc ::MERITOR REPORTS FIRST-QUARTER FISCAL YEAR 2018 RESULTS.Q1 LOSS PER SHARE $0.40 FROM CONTINUING OPERATIONS.Q1 LOSS PER SHARE $0.41.Q1 SALES ROSE 29 PERCENT TO $903 MILLION.SEES FY 2018 ADJUSTED EARNINGS PER SHARE $2.50 TO $2.70 FROM CONTINUING OPERATIONS.SEES FY 2018 EARNINGS PER SHARE $1.30 TO $1.40.SEES FY 2018 REVENUE $3.8 BILLION TO $3.9 BILLION.Q1 ADJUSTED EARNINGS PER SHARE $0.62 FROM CONTINUING OPERATIONS.SEES ‍ 2018 OPERATING CASH FLOW TO BE IN RANGE OF $210 MILLION TO $225 MILLION​.SEES ‍2018 FREE CASH FLOW TO BE IN RANGE OF $110 MILLION TO $125 MILLION​.Q1 EARNINGS PER SHARE VIEW $0.44, REVENUE VIEW $841.6 MILLION -- THOMSON REUTERS I/B/E/S.FY2018 EARNINGS PER SHARE VIEW $2.43, REVENUE VIEW $3.78 BILLION -- THOMSON REUTERS I/B/E/S.SEES 2018 ADJUSTED EBITDA MARGIN TO BE IN THE RANGE OF 11.0 PERCENT TO 11.2 PERCENT.  Full Article

Meritor Sees FY 2019 Revenue $3.95 Bln
Thursday, 7 Dec 2017 06:30am EST 

Dec 7 (Reuters) - Meritor Inc ::SEES FY 2019 REVENUE $3.95 BILLION; SEES FY 2019 ADJUSTED EARNINGS PER SHARE $2.84; SEES FY 2019 ADJUSTED EBITDA $455 MILLION - SEC FILING.FY2019 EARNINGS PER SHARE VIEW $2.84 -- THOMSON REUTERS I/B/E/S.  Full Article

Meritor reports Q4 earnings per share $2.63 from continuing operations
Wednesday, 15 Nov 2017 06:45am EST 

Nov 15 (Reuters) - Meritor Inc :Meritor reports fourth-quarter and fiscal year 2017 results.Q4 adjusted earnings per share $0.62 from continuing operations.Q4 earnings per share $2.63 from continuing operations.Q4 sales rose 27 percent to $922 million.Meritor Inc - ‍believe new business wins secured during fiscal 2017 will contribute about $160 million in revenue during fiscal 2019​.Meritor Inc - ‍sees 2018 adjusted diluted earnings per share from continuing operations to be in range of $2.20 to $2.40​.Meritor Inc - sees ‍fy 2018 revenue to be in range of $3.6 billion to $3.7 billion​.Q4 earnings per share view $0.44, revenue view $839.6 million -- Thomson Reuters I/B/E/S.  Full Article

Meritor announces notice of redemption of all of its outstanding 6.750% notes due 2021
Tuesday, 3 Oct 2017 06:45am EDT 

Oct 3 (Reuters) - Meritor Inc : :Meritor announces notice of redemption of all of its outstanding 6.750% notes due 2021.Meritor Inc - ‍redemption date is Nov. 2, 2017 and redemption price will be equal to $1,033.75 per $1,000 principal amount of notes​.  Full Article

Meritor announces pricing of unsecured convertible senior notes
Wednesday, 20 Sep 2017 06:45am EDT 

Sept 20 (Reuters) - Meritor Inc :Meritor announces pricing of unsecured convertible senior notes.Pricing on September 19, 2017 of $300 million aggregate principal amount of its 3.25% convertible senior notes due 2037​.Company will pay 3.25% cash interest on principal amount of notes semi-annually​.Notes will mature on October 15, 2037​.  Full Article

Meritor announces proposed offering of unsecured convertible senior notes
Monday, 18 Sep 2017 06:45am EDT 

Sept 18 (Reuters) - Meritor Inc :Meritor announces proposed offering of unsecured convertible senior notes.Meritor Inc - intends to offer $300 million aggregate principal amount of unsecured convertible senior notes due 2037​.Meritor Inc - expects to use net proceeds from offering of notes to purchase, redeem or otherwise repay a portion of its outstanding debt.  Full Article

WABCO Holdings to buyout Meritor WABCO joint venture
Monday, 18 Sep 2017 06:30am EDT 

Sept 18 (Reuters) - WABCO Holdings Inc :WABCO consolidates operations in North American commercial vehicle market through agreement to buyout of Meritor WABCO joint venture.After closure of buyout, agreed for Meritor to continue to be exclusive distributor for certain range of aftermarket products in U.S., Canada​.Agreement signed to purchase Meritor Inc's stake in Meritor WABCO joint venture​.Co, Meritor have option to terminate distribution arrangements at certain points during first three and half years​.Parties may terminate distribution arrangements for an exercise price between $225 million and $265 million based on earnings of business​.WABCO to continue to have exclusive access to winter test track in Sault St. Marie, joint access to year-round test track in East Liberty, Ohio.Following closure of buyout, WABCO has agreed for Meritor to continue to be its non-exclusive distributor in Mexico​.  Full Article

Meritor says court dissolved 2006 injunction
Monday, 11 Sep 2017 08:33am EDT 

Sept 11 (Reuters) - Meritor Inc ::Meritor - ‍on Sept 6, court dissolved 2006 injunction barring modification of benefits provided by co to class of United Auto Workers employee retirees​.Meritor says ‍on Sept 8, co determined to modify benefits provided to certain former union employee retirees​ - SEC filing.Meritor Inc - ‍in fiscal year 2017, co expects the benefit modifications will reduce retiree medical liability by about $315 million​.Meritor - ‍benefit modifications expected to result in reduction in annual cash benefit payments from $32 million in 2017 to about $15 million in 2018, 2019​.  Full Article

Meritor announces acquisition of product portfolio, technologies of Fabco Holdings
Tuesday, 5 Sep 2017 08:00am EDT 

Sept 5 (Reuters) - Meritor Inc ::Meritor announces acquisition of product portfolio and technologies of Fabco Holdings, Inc.Meritor Inc - ‍terms of transaction were not disclosed​.Meritor Inc - ‍terms of transaction were not disclosed​.  Full Article

Meritor subsidiary files for Ch. 11 to resolve asbestos liability

The Maremont Corp subsidiary of vehicle parts manufacturer Meritor Inc filed for Chapter 11 bankruptcy protection on Tuesday with a plan to create a trust worth up to $65 million to pay off claims stemming from asbestos used in the production of brake and exhaust system components.