Opodo Retains Auto Europe (http://www.auto-europe.co.uk) as its Global Car Hire Partner
If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!
LONDON, June 24 /PRNewswire/ — Opodo, the pan-European online travel bookings portal, has retained Auto
Europe on a multi-year agreement as a preferred global car hire partner. The
new deal will allow Opodo customers from the UK, France, Germany and Italy,
to access a global selection of competitively priced car hire providers with
every booking protected by Auto Europe’s excellent service agreements.
Caroline Noble, UK Managing Director, Opodo UK, says: “We are delighted
to re-stamp our partnership with Auto Europe. They have enviable access to an
extensive number of hire vehicles with many different suppliers across the
world. Our Customers can benefit from this comprehensive choice under the
protection of a price guarantee in their own country and language.”
Simon Terry, Auto Europe European Managing Director, comments: “We are
proud to continue to play a part in the ongoing success of Opodo’s
pan-European one-stop travel booking service. Our new agreement is all about
delivering increased availability of rental cars at better value with no
compromise on the best service possible.”
Opodo car hire customers will benefit from no cancellation or amendment
fees if they need to change their booking 48 hours or more in advance of
collection, optional refundable excess insurance and outstanding customer
service.
About Opodo
Opodo is a leading Pan European online travel website with over 7,000 car
rental destinations globally. Opodo customers also benefit from a “one stop
shop” with access to more than 500 airlines and over 65,000 hotel properties
around the world. Combining these dynamic products with a wide range of
holidays and travel extras gives the Opodo customer more choice and
additional benefits via a simple and effective online booking process.
About Auto Europe (http://www.auto-europe.co.uk)
Auto Europe has been a leader in worldwide car rental services for over
50 years. Recently the company has expanded to include over 7,000 car hire
destinations worldwide. The company strives to provide competitive rates and
the best service available anywhere under the motto “customers should not
expect less because they pay less”.
Auto Europe
Commercial Vehicle Group Reports First Quarter 2008 Results
NEW ALBANY, Ohio, April 23 /PRNewswire-FirstCall/ — Commercial vehicle Group, Inc. today reported revenues of $197.0 million for the first quarter ended March 31, 2008, compared to revenues of $198.8 million for the first quarter of 2007. Operating income for the first quarter was $11.5 million, including a $6.1 million gain on the sale of the Company’s Seattle, Washington facility, compared to $10.6 million for the same period last year. Net income for the first quarter of 2008 was $0.5 million, or $0.02 per diluted share, compared to $3.0 million, or $0.14 per diluted share, in the prior-year quarter. Fully diluted shares outstanding for the quarter were approximately 21.6 million compared to 21.7 million in the prior-year quarter.
“Our first quarter 2008 operating results were better than our expectations due to a slightly higher truck build rate as well as strength in our construction, military and specialty markets,” said Mervin Dunn, president and chief executive officer. “While we remain cautious about the rebound of the North American Class 8 market this year, our focus on the development of other key markets is proving positive for us and will remain an integral part of our strategy as we continue forward,” added Dunn.
Included in the Company’s results for the first quarter of 2008 is a pre- tax non-cash expense of approximately $9.7 million from the marking to market of foreign currency forward exchange contracts, as well as a pre-tax cash- based gain of approximately $6.1 million from the sale of the Company’s Seattle facility.
The Company is increasing its previously disclosed 2008 full year estimates for revenues by approximately $12.0 million to a range of $774.0 to $826.0 million and projected operating income is increasing by approximately $9.5 million to a range of $26.5 to $39.5 million. The Company is maintaining its previously stated fully diluted earnings per share range for the year of $0.10 to $0.50, based on 21.7 million diluted shares. These estimates are based on North American Class 8 truck production levels in the range of 180 thousand to 220 thousand units, an increase of 5 thousand units over previous estimates.
“We have increased our revenue and operating income estimates as a result of our revised end market and operational expectations for the full year, in addition to the non-operating events from the first quarter,” said Chad M. Utrup, chief financial officer of Commercial vehicle Group. “Overall, our full year estimates for operating income were increased by about $9.5 million for the year, which is comprised of approximately $3.4 million, or $0.11 per diluted share, for our revised market and performance outlook and approximately $6.1 million, or $0.18, from the sale of our Seattle facility this quarter. These positive adjustments were then offset by the $9.7 million, or $0.29, mark to market expense from the first quarter,” added Utrup.
A conference call to review first quarter results is scheduled for Thursday, April 24, 2008 at 10:00 a.m. ET. To participate, dial (888) 713- 4218 using access code 97012458. You can pre-register for the conference call and receive your pin number at:
This call is being webcast by Thomson/CCBN and can be accessed at Commercial vehicle Group’s Web site at .
A replay of the conference call will be available for a period of two weeks following the call. To access the replay, dial (888) 286-8010 using access code 18531483.
About Commercial vehicle Group, Inc.
Commercial vehicle Group is a leading supplier of fully integrated system solutions for the global commercial vehicle market, including the heavy-duty truck market, the construction and agriculture market and the specialty and military transportation markets. The Company’s products include suspension seat systems, interior trim systems, such as instrument and door panels, headliners, cabinetry, molded products and floor systems, cab structures and components, mirrors, wiper systems, electronic wiring harness assemblies and controls and switches specifically designed for applications in commercial vehicle cabs. The Company is headquartered in New Albany, OH with operations throughout North America, Europe and Asia. Information about the Company and its products is available on the internet at .
Forward-Looking Statements
This press release contains forward-looking statements that are subject to risks and uncertainties. These statements often include words such as “believe,”"expect,”"anticipate,”"intend,”"plan,”"estimate,” or similar expressions. In particular, this press release may contain forward-looking statements about Company estimates for future periods with respect to revenues and earnings per share or other financial information. These statements are based on certain assumptions that the Company has made in light of its experience in the industry as well as its perspective on historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. Actual results may differ materially from the anticipated results because of certain risks and uncertainties, including but not limited to: (i) the Company’s ability to develop or successfully introduce new products; (ii) risks associated with conducting business in foreign countries and currencies; (iii) general economic or business conditions affecting the markets in which the Company serves; (iv) increased competition in the heavy-duty truck market; (v) the Company’s failure to complete or successfully integrate additional strategic acquisitions; (vi) the impact of changes in governmental regulations on our customers or on our business; (vii) the loss of business from a major customer or the discontinuation of particular commercial vehicle platforms; and (viii) various other risks as outlined in the Company’s SEC filings. There can be no assurance that statements made in this press release relating to future events will be achieved. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on behalf of the Company are expressly qualified in their entirety by such cautionary statements.
COMMERCIAL vehicle GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share amounts)
Three Months Ended
March 31,
2008 2007
(unaudited) (unaudited)
REVENUES $197,004 $198,801
COST OF REVENUES 176,239 172,532
Gross Profit 20,765 26,269
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 15,018 15,554
(GAIN) ON SALE OF LONG-LIVED ASSETS (6,075) -
AMORTIZATION EXPENSE 345 103
Operating Income 11,477 10,612
OTHER EXPENSE 9,698 2,320
INTEREST EXPENSE 3,907 3,637
(Loss) Income Before Provision
for Income Taxes (2,128) 4,655
(BENEFIT) PROVISION FOR INCOME TAXES (2,600) 1,696
Net Income $472 $2,959
EARNINGS PER COMMON SHARE:
Basic $0.02 $0.14
Diluted $0.02 $0.14
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic 21,537 21,389
Diluted 21,641 21,663
Reconciliation to Net Income:
Net Income $472 $2,959
Depreciation & Amortization 4,688 3,729
Interest Expense 3,907 3,637
(Benefit) Provision for Income Taxes (2,600) 1,696
(Gain) on Sale of Long-Lived Assets (6,075) -
Miscellaneous Expense 16 73
Adjusted EBITDA (1) $408 $12,094
Supplemental Information:
Noncash loss on forward exchange contracts $9,682 $2,247
COMMERCIAL vehicle GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except per share amounts)
March 31, December 31,
2008 2007
(unaudited) (unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $7,530 $9,867
Accounts receivable, net 120,728 107,687
Inventories, net 100,454 96,385
Prepaid expenses 17,459 16,508
Deferred income taxes 17,178 12,989
Total current assets 263,349 243,436
PROPERTY, PLANT AND EQUIPMENT, net 96,969 98,258
GOODWILL 156,341 151,189
INTANGIBLE AND OTHER ASSETS, net 107,072 106,206
TOTAL ASSETS $623,731 $599,089
LIABILITIES AND STOCKHOLDERS’ INVESTMENT
CURRENT LIABILITIES:
Current maturities of long-term debt $118 $116
Accounts payable 95,938 93,033
Accrued liabilities 39,181 33,115
Total current liabilities 135,237 126,264
LONG-TERM DEBT, net of current maturities 160,579 159,609
OTHER LONG-TERM LIABILITIES 58,367 47,881
Total liabilities 354,183 333,754
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ INVESTMENT:
Common stock, $0.01 par value per share;
30,000,000 shares authorized; 21,536,814
and 21,536,814 shares issued
and outstanding 215 215
Treasury stock purchased from
employees; 28,153 shares (414) (414)
Additional paid-in capital 178,362 177,421
Retained earnings 89,290 88,818
Accumulated other comprehensive
income (loss) 2,095 (705)
Total stockholders’ investment 269,548 265,335
TOTAL LIABILITIES AND
STOCKHOLDERS’ INVESTMENT $623,731 $599,089
Footnotes to Press Release
(1) Adjusted EBITDA is a non-GAAP financial measure that is reconciled to net income, its most directly comparable GAAP measure, in the accompanying financial tables. Adjusted EBITDA is defined as net earnings before interest, taxes, depreciation, amortization, gains/losses on the early extinguishment of debt, gain/losses on the sale of long-lived assets, miscellaneous income/expenses, restructuring charges and cumulative effect of changes in accounting principle. In calculating Adjusted EBITDA, the Company excludes the effects of gains/losses on the early extinguishment of debt, gains/losses on the sale of long-lived assets, miscellaneous income/expenses, restructuring charges and cumulative effect of changes in accounting principles because the Company’s management believes that some of these items may not occur in certain periods, the amounts recognized can vary significantly from period to period and these items do not facilitate an understanding of the Company’s operating performance. The Company’s management utilizes Adjusted EBITDA, in addition to the supplemental information, as an operating performance measure in conjunction with GAAP measures, such as net income and gross margin calculated in conformity with GAAP.
The Company’s management uses Adjusted EBITDA, in addition to the supplemental information, as an integral part of its report and planning processes and as one of the primary measures to, among other things:
(i) monitor and evaluate the performance of the Company’s business
operations;
(ii) facilitate management’s internal comparisons of the Company’s
historical operating performance of its business operations;
(iii) facilitate management’s external comparisons of the results of its
overall business to the historical operating performance of other
companies that may have different capital structures and debt
levels;
(iv) review and assess the operating performance of the Company’s
management team and as a measure in evaluating employee
compensation and bonuses;
(v) analyze and evaluate financial and strategic planning decisions
regarding future operating investments; and
(vi) plan for and prepare future annual operating budgets and determine
appropriate levels of operating investments.
The Company’s management believes that Adjusted EBITDA, in addition to the supplemental information, is useful to investors as it provides them with disclosures of the Company’s operating results on the same basis as that used by the Company’s management. Additionally, the Company’s management believes that Adjusted EBITDA, in addition to the supplemental information, provides useful information to investors about the performance of the Company’s overall business because the measure eliminates the effects of certain recurring and other unusual or infrequent charges that are not directly attributable to the Company’s underlying operating performance. Additionally, the Company’s management believes that because it has historically provided a non-GAAP financial measure in previous filings, that continuing to include a non-GAAP measure in its filings provides consistency in its financial reporting and continuity to investors for comparability purposes. Accordingly, the Company believes that the presentation of Adjusted EBITDA, when used in conjunction with the supplemental information and GAAP financial measures, is a useful financial analysis tool, used by the Company’s management as described above, that can assist investors in assessing the Company’s financial condition, operating performance and underlying strength. Adjusted EBITDA should not be considered in isolation or as a substitute for net income prepared in conformity with GAAP. Other companies may define Adjusted EBITDA differently. Adjusted EBITDA, as well as the other information in this filing, should be read in conjunction with the Company’s financial statements and footnotes contained in the documents that the Company files with the U.S. Securities and Exchange Commission.
Commercial vehicle Group, Inc.
Agility Fairs and Events Gears Up for 30th Anniversary of British Motor Show
LONDON, June 23 /PRNewswire/ — Agility Fairs and Events (F&E) has secured a contract to manage the freight and on-site handling for the prestigious British International Motor Show 2008, which celebrates its 30th Anniversary this year.
The Show attracts the world’s leading automotive brands and provides a platform for car manufacturers to launch new models and display concept vehicles. The show will be held from July 23rd-August 3rd this year at the ExCel exhibition centre, close to the City of London.
Tim Maunder, Operations Director - The British International Motor Show said: “After working with the team at Agility Fairs & Events for many years, I’m very pleased that they are still part of the Motor Show family. They have consistently provided the highest of services to our exhibitors. This year brings a new level of service capability to the show and I’m looking forward to seeing them in action.”
Agility has a strong network of more than 550 offices in over 100 countries, 45 of which are dedicated to providing specialist transport and on-site handling services for events and exhibitions worldwide. The British Motor Show will be managed by Agility’s F&E office in the UK.
“We are delighted to partner with the British International Motor Show once again and it’s a pleasure to work with some of the world’s leading car manufacturers. The vehicles we will be handling comprise of unique vintage or one off concept models some of which are priceless,” said David Richards, Managing Director, Agility Fairs and Events UK.
“Agility F&E has built a strong reputation in the car industry for providing specialist freight and on-site handling at the British Motor Show and we view our repeated partnership as an endorsement from our valued customers,” he added.
Operating under the banner of Motor Show Logistics, a joint venture created specifically to operate at the British International Motor Show, Agility will handle door-to-door freight forwarding by air, road and sea from the world’s leading car manufacturing centres to London.
Agility F&E provides an integrated solution across the whole supply chain and across multiple time zones leveraging the company’s global network of offices throughout Europe, Asia and the US.
“We project manage each customer according to their schedule and ensure all vehicles arrive in pristine condition within a very short time frame. Many of the vehicles on display have complex customs procedures since they are imported temporarily and then returned to the original manufacturer. This entire process will be managed by us,” said Richards.
About Agility
Agility is a leading global logistics provider with more than 32,000 employees, and over 550 offices in 100 countries around the world. A publicly traded company, with over $6 billion in annual revenue, we have three key operating units — Global Integrated Logistics (GIL), Defense & Government Services (DGS) and Investments. We focus on offering customers truly personal service and flexible supply chain solutions tailored to meet their individual business needs, supported by a comprehensive network of warehousing facilities, transportation and freight management services. Our customers span a range of industries from technology and retail to defense and government and oil and gas.
For more information about Agility, visit .
(Photo: )
(Logo: )
Agility
Pierce & Kraft Win Event Marketer’s 2008 Ex Award for Best Vehicle Design (Less than 18 Wheels)
PORTLAND, Maine, April 23 /PRNewswire/ — Pierce Promotions and Kraft Foods Inc. received top honors at Event Marketer’s 2008 Experiential Marketing Summit in the category of Best vehicle Design (Less than 18 Wheels) for their outstanding work on the Crystal Light “Pump It Up” Tour. The Ex Award was presented at a gala dinner before an audience of 1000 industry colleagues in Chicago on April 21, 2008. A panel of senior-level brand-side event marketing experts judged entries on the basis of the vehicle design’s impact on the experience created.
Pierce teamed with Kraft to bring the Crystal Light “Pump It Up” campaign to life by launching a fully immersive and ground-breaking experiential mobile tour that seamlessly integrated the vibrant and empowering themes of the beverage brand’s advertising elements and consumer promotions. The tour invited women where they live, work, play and shop to go from “pale to pumped” in every aspect of their life, from their choice of refreshment, to make-up, fashion, music and more.
The award-winning vehicle served as anchor to the national tour. With colorful translucent side panels that unfolded at the press of a button, it created the perfect stage for a range of engaging and innovative activities that truly evoked the refreshing and bold transformative energy of Crystal Light itself. All elements inside the vehicle — from the vibrant retail-inspired decor to the interactive activities-were designed to capture the feeling of high-end fashion boutiques. Highlights included a refreshment bar that matched flavor to personality, a prototype tech-driven style finder station and interactive personal music pods. Outside the vehicle, a runway-like stage area featured exciting programs including chic beauty stations where women were treated to samples, incentives and professional makeovers by trend leading style artists. These sophisticated, multi-hued, multi-sensory elements worked well together to create an unforgettable environment that enabled women to experience the passion, empowerment and uplift behind the beverage brand.
“We are extremely proud to be recognized for our collaboration with Crystal Light. The environment we created celebrated the brand’s passion for vibrant energy while empowering women across the country to pump up their daily lives,” said Patricia Rosi, Pierce’s Chief Creative Officer.
Among a growing list of industry awards, Pierce has taken home eleven Ex Awards including three Gold, five Silver and the Grand Ex Award, the highest honor given by the magazine.
About Pierce: Pierce is a top-ranked, full-service marketing agency specializing in experiential, local, retail and specialty marketing — the four pillars of its award winning brand activations. Pierce brings stunning reality to experience unlimited(R) — the philosophy that every brand has an experience within it and every consumer has an experience to share. Founded and headquartered in Portland, Maine, Pierce has grown its client roster to include leading corporations such as Kraft Foods, Verizon Communications, Procter & Gamble, Discovery Communications, TD Banknorth, Diageo, Scotts, SKYY Vodka, DEWALT and SAM’S CLUB. Pierce is fully-owned by Omnicom Group, Inc and part of the Radiate Group of agencies, 25 best-in-class marketing services agencies. It has regional offices in New York, Los Angeles, Washington DC, Chicago, Philadelphia and Bentonville. For more information, visit .
About Crystal Light: With just five calories per serving, Crystal Light is a great tasting, sugar-free beverage, which provides the benefits of hydration. Crystal Light is available in 28 refreshing flavors and comes in a variety of forms including convenient On The Go packets and individual tubs as well as 16 fluid ounce ready-to-drink bottles. Crystal Light is also an excellent beverage option for people with diabetes, because it contains <1 g of carbohydrate per serving and is considered a FREE exchange. For more information about Crystal Light, please visit .
Pierce Promotions
LIONAX and T-COMM Tracking & Tracing Jointly Launch a New Solution for Tire Pressure Monitoring TPMS P-eye at the Birmingham Vehicle Show
PARIS, April 23 /PRNewswire-FirstCall/ — LIONAX and T-COMM Tracking &Tracing, a Dutch company, launched their new TPMS P-eye product at the UK Commercial vehicle Show, Birmingham on April 11th. This patented device makes commercial vehicles safer, and contributes to reducing their fuel consumption.
LIONAX has licensed T-COMM Tracking & Tracing to commercialise in Europe a patented solution for an efficient tire pressure check designed for commercial vehicles. The new TPMS P-eye device is packed with technology that required two years of R&D development.
The new technology is easy to use and allows a more efficient tire pressure control. It is simply a case of unscrewing the valve cap from the commercial vehicle tire and replacing it with the P-eye monitoring device. The P-eye measures the preset minimum tire pressure and passes this on to the signalling LED on the valve stem. Furthermore, when a fleet of vehicles are parked on site, it is not necessary to check every single tire, but action is only necessary on tires where the LEDs are blinking. This provides transport companies with a more centralised and efficient way to control tire pressure.
The P-eye technology will contribute to reducing fuel consumption and lowering CO2 Emissions.
Statistically it has been proved that approximately a quarter of all commercial vehicle tires are not sufficiently inflated, therefore increasing tire wear by 15 to 20 per cent, or GBP215 per year per vehicle. Low tire pressure increases CO2 emissions and fuel consumption by approximately 7 per cent. Practically all blowouts and resulting accidents are caused by an insufficient tire pressure. The P-eye product provides a credible solution for addressing all these concerns in a cost effective way for transport companies and society.
Michael Verweij, CMO of T-COMM Tracking & Tracing B.V. says: “LIONAX’s patented TPMS P-eye products provide an innovative and attractive solution for trucks and semi-trailers for both manufacturers and owners. We have already ordered from LIONAX 1.14 million sets for 2008. This order is a key step for T-COMM Tracking & Tracing’s implementation of its strategy penetrating the Europe trucks and semi-trailers TPMS industry.”
James Yang, CEO of LIONAX says: “LIONAX’s P-eye TPMS products provide a competitive solution for truck manufacturers and owners. In the United States, tire pressure monitoring has become this year a legal requirement for new cars and light trucks. In Europe, the P-Eye product for a 4-wheel vehicle is priced at about GBP20, plus an extra GBP2 for an anti theft device without installation cost. By using this product, European truck drivers and transport companies will make roads safer, and at the same time will enjoy fuel savings and longer tire life.”
About T-COMM Tracking & Tracing B.V.
The company introduced the comprehensive vehicle tracking and tracing system at The European Road Transport Show in Amsterdam late last year, aimed at trucks and semi-trailers. A lot of modules can be coupled to its system which all satisfies the design philosophy “Easy Intelligence”. Further information can be obtained on the website .
About LIONAX
The Company, listed on Euronext, the Paris stock exchange with stock symbol “MLION”, designs and develops innovative Tire Pressure Monitoring System (TPMS); navigation integrated product with GPS, TPMS and rear view camera; and digital pressure sensor for automotive industry. Lionax’s products help its customers to enhance safety, save money and meet regulatory requirements affordably. To achieve this LIONAX focuses on technology innovation, manufacturing excellence, research leadership and best-in-class team of scientists, engineers and international management based in China and the USA.
T-COMM PR Contacts:
T-Comm Tracking & Tracing , Adviesbureau W. van der Veer
Slauerhoffstraat 28, 3319 BT Dordrecht, Netherlands
Tel. 31(0)78-616-01-87
Fax 31(0)78-616-02-31
E-mail :
LIONAX Contacts:
Financial Dynamics France:
Press Investor Relations
Elodie Marchand Valery Lepinette
Tel : 33-1-47-03-68-17 Tel : 33-1-47-03-68-62
LIONAX
At ArvinMeritor There’s More Than One Way to Go Green
TROY, Mich., Apr. 22 /PRNewswire-FirstCall/ — ArvinMeritor, Inc. is reducing the generation of pollutants worldwide, designing products that weigh less and provide greater fuel economy, and partnering to develop hybrid and electric vehicles — all focused on improving the environment.
In an effort to minimize adverse environmental impacts from ArvinMeritor’s manufacturing operations, the company recycled 72 percent of the solid waste it generated globally in 2007 — which equals approximately 187,684 metric tons of scrap metal, cardboard and used oils.
ArvinMeritor is also manufacturing “greener” products. Passenger vehicle products called smart systems(TM) will reduce the weight of the vehicle. The first smart systems(TM) product to appear on the market is the Highly-Integrated Plastic (HIP) door module, which will replace the steel door module and reduce weight by 25 percent — in addition to improving fuel economy.
In partnership agreements with commercial vehicle customers, ArvinMeritor has developed a package that will reduce the weight of a vehicle by as much as 700 pounds. Weight-reduction products include the aluminum carrier rear axle, Meritor Lite Flex trailer composite spring, the Meritor X30 lightweight steel drums and the Meritor Tire Inflation System, which supports super-single tires. This product package is expected to improve fuel consumption.
ArvinMeritor is also involved in a joint project to build a Class 8 hybrid vehicle with International Truck and Cummins for Wal-Mart Transportation. The vehicle is expected to be on the road for testing by the end of the year. Another ArvinMeritor partnership has already helped develop Canada’s first electric vehicle — the Purolator Quicksider. The vehicle produces zero greenhouse gas emissions.
About ArvinMeritor
ArvinMeritor, Inc. is a premier global supplier of a broad range of integrated systems, modules and components to the motor vehicle industry. The company serves commercial truck, trailer and specialty original equipment manufacturers and certain aftermarkets, and light vehicle manufacturers. Headquartered in Troy, Mich., ArvinMeritor employs approximately 18,000 people in 24 countries. ArvinMeritor common stock is traded on the New York Stock Exchange under the ticker symbol ARM. For more information, visit the company’s Web site at: .
Forward-Looking Statements
This press release contains statements relating to future results of the company (including certain projections and business trends) that are “forward- looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by words or phrases such as “believe,”"expect,”"anticipate,”"estimate,”"should,”"are likely to be,”"will” and similar expressions. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to global economic and market cycles and conditions; the demand for commercial, specialty and light vehicles for which the company supplies products; availability and sharply rising cost of raw materials, including steel and oil; risks inherent in operating abroad (including foreign currency exchange rates and potential disruption of production and supply due to terrorist attacks or acts of aggression); OEM program delays; demand for and market acceptance of new and existing products; successful development of new products; reliance on major OEM customers; labor relations of the company, its suppliers and customers, including potential disruptions in supply of parts to our facilities or demand for our products due to work stoppages; the financial condition of the company’s suppliers and customers, including potential bankruptcies; possible adverse effects of any future suspension of normal trade credit terms by our suppliers; potential difficulties competing with companies that have avoided their existing contracts in bankruptcy and reorganization proceedings; successful integration of acquired or merged businesses; the ability to achieve the expected annual savings and synergies from past and future business combinations and the ability to achieve the expected benefits of restructuring actions; success and timing of potential divestitures; potential impairment of long-lived assets, including goodwill; potential adjustment of the value of deferred tax assets; competitive product and pricing pressures; the amount of the company’s debt; the ability of the company to continue to comply with covenants in its financing agreements; the ability of the company to access capital markets; credit ratings of the company’s debt; the outcome of existing and any future legal proceedings, including any litigation with respect to environmental or asbestos-related matters; the outcome of actual and potential product liability and warranty and recall claims; rising costs of pension and other post-retirement benefits and possible changes in pension and other accounting rules; as well as other risks and uncertainties, including but not limited to those detailed herein and from time to time in other filings of the company with the SEC. These forward-looking statements are made only as of the date hereof, and the company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by law.
(Logo: )
ArvinMeritor, Inc.
Belron US to Acquire Assets of Diamond Glass
COLUMBUS, Ohio, June 20 /PRNewswire/ — Belron US, the nation’s leading vehicle glass repair and replacement company, announced today that it has reached an agreement to acquire substantially all the assets of Diamond Glass for $50 million plus the assumption of various liabilities, subject to approval by the United States Bankruptcy Court and any required regulatory approvals.
Diamond filed for chapter 11 bankruptcy protection on April 1 and was put up for sale under a S363 process.
“Diamond Glass has a long and distinguished history,” said Tom Feeney, president and CEO of Belron US. “Our team felt the acquisition could contribute to providing better service to our customers and would enable us to add experienced associates to our growing business.”
The acquired assets of Diamond Glass, headquartered in Kingston, Pa., will be integrated into the Belron US operating model and the organization will be led by the Belron US senior leadership team. Belron US, which does business under the names Safelite AutoGlass(R), Elite Auto Glass(TM) and Auto Glass Specialists(R), will continue to be headquartered in Columbus, Ohio.
Belron US is a subsidiary of Belron SA, the world’s largest and most successful vehicle glass repair and replacement company, operating in 28 countries.
The Diamond Glass acquisition is the continuation of Belron SA’s strategic plan to profitably grow in the United States. Just 16 months ago, Belron acquired Safelite Group, which was the largest vehicle glass repair and replacement company in the United States at that time.
“Following completion of the transaction, the Belron US management team intends to work closely with the Diamond management team to assess the options for integrating the Diamond assets into Belron US,” adds Feeney. “Then, it will be determined how best to move forward together.”
The acquisition will give Belron US more retail locations, increased business capacity and improved customer service.
Founded in 1923 with one storefront and one truck, Diamond Glass had grown from its original service center in Scranton, Pa., to a network of 217 service centers and approximately 900 mobile installation vehicles in 42 states. Diamond Glass had more than 1,600 employees as of March 15.
About Belron US
Belron US, a subsidiary of Belron SA, is a multi-faceted vehicle glass and claims management service organization based in Columbus, Ohio. The company is composed of three major business operations that include vehicle glass fulfillment services, operating under the trade names Auto Glass Specialists(R), Elite Auto Glass(TM) and Safelite AutoGlass(R); windshield manufacturing; and Safelite Solutions(R) which offers fleet and insurance claims management services. The company employs more than 7,000 people throughout the United States.
Belron US
Auto Europe Pays for Your Gasoline in Europe!
PORTLAND, Maine, June 20 /PRNewswire/ — Auto Europe, a leader in European car rental services, is cutting costs once again for travel to Europe by offering a $30 coupon towards your gasoline with any car rental reservation in Austria, Croatia, France, Germany, Italy and Portugal.
Simply reserve your car rental now through July 4th, 2008 for pick-ups through July 31, 2008, and your coupon will be provided with your voucher.
$30 of free gasoline is valid with any car category booked, minimum 5-day rental period, in Austria, Croatia, France, Germany, Italy and Portugal. Coupon is redeemable once travel is completed and additional restrictions may apply. Offer valid for North American residents.
Auto Europe services over 4,000 car rental locations worldwide. In addition, through their tour division, Destination Europe they offer scheduled airfare to Europe with over thirty carriers and service 3, 4 & 5 star worldwide hotels. For additional information contact Auto Europe at (800) 223-5555. Visit their web site at
Auto Europe
Goodyear Assurance ComforTred Tires Selected for Ford Flex
AKRON, Ohio, June 20 /PRNewswire-FirstCall/ — The 2009 ford Flex is one of the most anticipated new vehicles in years, and it arrives in dealer showrooms this summer riding on Goodyear tires.
(Logo: )
The Goodyear Tire & Rubber Company has been chosen to supply the standard tire fitment for the 2009 ford Flex, providing the popular Assurance ComforTred tires in size P235/60R18. It is a premium passenger tire made with a special cushion layer to help provide a smooth, comfortable and quiet ride.
With seating for up to seven, a refrigerated console, multi-panel Vista roof, grooved door panels, rearview camera, all-wheel drive and many other innovative features, the 2009 ford Flex is expected to become available this summer.
Goodyear tires are original equipment on many vehicles from Acura, Audi, Cadillac, Chevrolet, Dodge, Ford, GMC, Hummer, Infiniti, Isuzu, Jeep, Land Rover, Lexus, Mazda, Mercury, Nissan and Toyota. Traditionally, more new vehicles in North America are equipped with Goodyear tires than any other brand.
For more information about Goodyear’s broad selection of tires for cars, light trucks, SUVs, and more, visit .
The Goodyear Tire & Rubber Company
DOLLAR(R) Launches New Service for Mobile Devices
TULSA, Okla., June 18 /PRNewswire-FirstCall/ — Dollar Rent A Car, a subsidiary of Dollar Thrifty Automotive Group, Inc. , has unveiled a new mobile service that allows travelers to make a reservation with DOLLAR.com, the company’s award-winning Web site, anywhere using a cell phone or other Web-enabled mobile device.
(Photo: )
(Logo: )
Optimized for viewing on a Web-enabled mobile phone, DOLLAR.com continues to deliver the best car rental value available in a format that is easy-to-use and easy on the eyes. The new mobile site retains virtually all of the features and functionality of the DOLLAR.com desktop website. Users of mobile devices will be automatically redirected to the mobile site when they visit .
Using the enhanced mobile service, travelers may:
– Make a reservation at any one of Dollar Rent A Car’s convenient worldwide locations;
— Cancel or modify an existing reservation with DOLLAR(R);
— Display all car types available or only those desired;
– Log in as a Dollar Express member, expediting the rental process by using the information contained in your profile;
– Get the benefit of special offers with promotional codes or get the benefits associated with your corporate account ID number; and
– Earn Dollar Express Rewards points toward free future rental days or frequent flyer points with participating airline and hotel partners.
“As many of our customers are road warriors on the go, Dollar Rent A car wants to be as convenient as possible and minimize hassle,” said Charlie Coniglio, vice president of E-commerce and Global Distribution for Dollar Thrifty Automotive Group, Inc. “With this new Web-enabled product from DOLLAR.com, we are combining functionality with the strong value proposition customers have come to expect from DOLLAR. Usablenet has delivered a product that we can be very proud of.”
The new service will be powered by New York-based Usablenet, Inc. Specializing in helping organizations to support users of mobile and assistive technologies for Web access, Usablenet was founded in 2000. The company has unmatched experience and expertise in addressing the limitations of multiple, disparate devices, browsers, formats, and technologies and providing seamless access to all types of web content and services. Today, Usablenet’s core platforms are being relied on at over 300 organizations, with clients that include Delta Air Lines, Hilton Hotels, Northwest Airlines, Marriott Hotels, Amtrak, US Airways, NYC, City of Miami, Amtrak, NJ Transit, the State of Oregon, 1800Flowers and many others.
About Dollar Rent A Car
Dollar has more than 535 worldwide locations in 48 countries, with a significant presence in Canada, the Caribbean and Latin America, including more than 250 in the United States. Dollar serves the value-conscious traveler and is a subsidiary of Dollar Thrifty Automotive Group, Inc., a Fortune 1000 Company headquartered in Tulsa, Okla. For additional information, visit or .
Dollar Thrifty Automotive Group, Inc.