ArvinMeritor’s 4Q Loss Narrows
Truck components maker ArvinMeritor Inc. said Tuesday its fourth-quarter loss narrowed and the company announced several executive appointments.
The company lost $12 million, or 17 cents a share, in the fiscal quarter ended Sept. 30, compared with $153 million, or $2.12 per share, a year ago.
Sales fell to $984 million, from $1.5 billion a year ago, though rose about 4% from the third quarter, the company said.
For the full fiscal year, the company lost $1.2 billion, or $16.72 her share, compared with a loss of $101 million, or $1.40, the previous year. Sales fell to $4.1 billion, from $6.4 billion for the year.
The company also named Carsten Reinhardt as its chief operating officer. Reinhardt, who had been president of the company’s commercial vehicle systems business, will continue to report to Chairman and Chief Executive Officer Chip McClure.
As COO, he will be responsible for the overall global management of the company’s commercial truck, industrial, and aftermarket and trailer business segments.
Tim Bowes, who had been managing director of the company’s Asia Pacific region, was named president of ArvinMeritor’s industrial group. He will be responsible for managing the company's off-highway, military, construction, bus and coach, fire and emergency, and other industrial business.
Bowes will have responsibility for the company’s business in Asia Pacific, will continue to be located in Shanghai, China, and will report to Reinhardt.
