TROY, Mich. — ArvinMeritor says it has trimmed $430 million in costs out of the company, including the unfortunate closures of two Ontario plants.

"The difficult conditions we continue to experience in our commercial and light vehicle markets has required us to take aggressive steps during the past six months to align our organization to the lower capacity levels,” said Chip McClure, chairman, CEO and president. “Many of these actions have regrettably impacted our employees, but the ArvinMeritor leadership team is committed to successfully manage the company through the continuing economic turbulence. We identified and implemented these actions quickly and are pleased to report the savings are significant, which will help protect the long-term health of the company.”

Since October 2008, ArvinMeritor has announced the following cost-reduction actions:

The closure of two manufacturing facilities (Tilbury and Milton, Ont.); Workforce reduction of more than 1,800 global employees; plant-level furlough programs; pay reductions for salaried employees worldwide; reduced capital spending; extended shutdowns at all plants; reduced annual Board of Directors compensation by 10 percent; and elimination of all non-critical discretionary spending, among other things.