UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 11, 2020
MERITOR, INC.
(Exact name of registrant as specified in its charter)
| Indiana | | 1-15983 | | 38-3354643 |
| (State or other jurisdiction | | (Commission | | (IRS Employer |
| of incorporation) | | File No.) | | Identification No.) |
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| | 2135 West Maple Road | | |
| | Troy, Michigan | | |
| (Address of principal executive offices) |
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| | 48084-7186 | | |
| | (Zip code) | | |
Registrant’s telephone number, including area code: (248) 435-1000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of exchange on |
| | which registered |
| Common Stock, $1 Par Value | MTOR | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging Growth Company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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Item 2.05 Costs Associated with Exit or Disposal Activities.
On November 11, 2020, Meritor, Inc. (the “Company”) approved a restructuring plan to close three U.S. manufacturing plants in its Industrial business, and one European administration office in its Aftermarket business, and consolidate those operations into existing facilities. The site closures include:
| ● | Chicago, IL (acquired through AxleTech acquisition) |
| ● | Livermore, CA (acquired through Fabco acquisition) |
| ● | Livonia, MI (acquired through Fabco acquisition) |
| ● | Zurich, Switzerland |
The closures impact approximately 150 hourly and salaried workers. These restructuring plans are intended to optimize the Company’s manufacturing footprint, reduce costs and increase efficiencies. With this restructuring plan, the Company expects to incur approximately $19 million in restructuring charges in the Aftermarket and Industrial segment, consisting of impairment of long-lived assets of $9 million, severance related costs of $5 million and other associated cost of $5 million. Restructuring actions associated with this plan are expected to generate approximately $10 million in annual run rate saving and will be substantially complete by the end of 2021.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MERITOR, INC. |
| (Registrant) |
| |
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| Date: November 12, 2020 | By: | /s/ Hannah S. Lim-Johnson |
| | Hannah S. Lim-Johnson |
| | Senior Vice President, Chief Legal Officer & |
| | Corporate Secretary |
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