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Stock Market & Financial Investment News

News Breaks
November 28, 2012
07:26 EDTMTORMeritor sees FY13 adjusted EPS 25c-35c, may not be comparable to consensus 49c
Sees FY13 sales $4B, consensus $4B. Sees FY13 free cash flow from continuing operations about breakeven including $73M of pension contributions, sees FY13 effective tax rate about 50%. Comments from investor presentation slides.
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August 21, 2014
09:07 EDTMTORMeritor in discussions to sell inventory, assets of its Mascot business
Meritor completed its strategic review of certain remanufacturing product lines within the aftermarket business in North America, and the board of the Company concluded that the company should exit the Mascot business. Mascot is a remanufacturer and distributor of differentials, transmissions and steering gears primarily for certain original equipment manufacturers. The company is in discussions to sell substantially all of its inventory and other assets of its Mascot business. In the event the company is unable to successfully execute a sale transaction, it intends to wind down the Mascot business. The company expects to incur losses on the sale or liquidation of assets of the Mascot business of approximately $24M. The Company also expects to incur severance, other employee costs, and contract termination costs related thereto of an additional $5M. Of these charges, an estimated $5M are expected to result in cash expenditures. The Company is targeting the end of the fourth quarter of fiscal year 2014 for the completion of a sale transaction or a wind down of the Mascot business.

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