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Stock Market & Financial Investment News

News Breaks
June 10, 2014
08:33 EDTMTORMeritor appoints Jay Craig as COO
Meritor announced the appointment of Jay Craig as president and COO, effective June 9. Craig will continue to report directly to Ike Evans, chairman and CEO. Previously, Craig was senior vice president and president of Meritor's Commercial Truck & Industrial segment. He served as senior vice president and CFO at Meritor from 2009 to 2013 and has held various positions at the company since 2006.
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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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