Arvin, Meritor shareholders approve merger

COLUMBUS, Ind. and TROY, Mich. (July 7, 2000) — Arvin Industries Inc. and Meritor Automotive Inc. are expected to formally merge today after shareholders in both companies approved the deal yesterday.

The two companies will merge to form ArvinMeritor Inc., a $7.5 billion global supplier of automotive and commercial vehicle components. ArvinMeritor stock is scheduled to begin trading on the New York Stock Exchange on July 10 under the ticker symbol “ARM.”

The agreement calls for Arvin shareholders to receive one share of ArvinMeritor common stock plus $2 in cash for each share owned of Arvin common stock. Meritor shareholders will receive 0.75 share of ArvinMeritor common stock for each share owned of Meritor common stock.

Arvin builds automotive exhaust systems, ride-control products, filters, and gas-charged lift supports. Aftermarket parts are sold under various trademarks including Arvin, Maremont, Timax, ANSA and ROSI exhaust systems; Gabriel shock absorbers; Purolator filters; and StrongArm gas charged lift supports.

Meritor builds an array of OE and aftermarket components for light and heavy vehicles.

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