Meritor, Inc.

Meritor, Inc.

Meritor, Inc.

Overview
Date Founded

1909

Headquarters

2135 WEST MAPLE ROAD, TROY, MI, 480847186

Type of Company

Public

Employees (Worldwide)

8,600

Industries

Automobiles
Auto Parts & Tires
Management Consulting

Company Description

Meritor, Inc. engages in the design, production, and trade of integrated systems, modules, and components to original equipment manufacturers. It operates through the Commercial Truck and Trailer, and Aftermarket and Industrial segments. The Commercial Truck and Trailer segment supplies drivetrain systems and components, including axles, drivelines, and braking and suspension systems, primarily for medium- and heavy-duty trucks and other applications. The Aftermarket and Trailer segment provides axles, brakes, drivelines, suspension parts and other replacement parts to commercial vehicle and industrial aftermarket customers in North America and Europe. The company was founded in 1909 and is headquartered in Troy, MI.

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Executives & Employees

President, Chief Executive Officer, Director

Secretary, Chief Legal Officer & Senior Vice President

Vice President & Chief Technology Officer

Chief Information Officer & Senior Vice President-Human Resources

President-International

Principal Accounting Officer, Vice President & Controller

Senior Vice President & President, Global Truck

Chief Financial Officer & Senior Vice President

Chief Project Engineer

Board of Directors

Founder at Pittsburgh Technology Council

Co-Founder at GenNx360 Capital Partners

Director at Calgon Carbon Investments, Inc.

President, Chief Executive Officer, Director at Meritor, Inc.

President & Chief Financial Officer at Owens-Illinois Group, Inc.

Operating Partner at Thayer Capital Partners/Blum & Associates

Former Chief Operating Officer & Executive Vice President at Flowserve Corp.

Former Senior Partner at McKinsey & Co., Inc.

Director at McKinsey & Co., Inc.

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Owners & Shareholders
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GCM's investment process focuses on deep, fundamental research and individual security selection primarily within equity and credit-oriented strategies. The firm employs a GARP investment approach that focuses on companies in stable industries, with recurring revenue streams or entrenched market positions. GCM may also focus on contrarian investments (cyclical or company specific). They often combine GARP and contrarian investing when a steady growth business emerges within a company as the dominant economic force over a more challenged business unit. GCM invests in stored or hidden value situations, where excess balance sheet capacity may be used to accelerate returns or where contractual rights or startup operations show no present value but may be significant drivers of value tomorrow. In addition to long equity investments, GCM commits significant capital to short equity positions. They look for companies whose industries face cyclical, transitory or secular headwinds, whose competitive position is likely to erode over the near- to medium-term, and companies whose liquidity profile will potentially create equity value impairment or cause future issuance of additional equity at lower prices. GCM may also maintain short positions in equity index futures or other index products to reduce net market risk. The firm also engages in long and short credit positions with emphasis on business or asset stability over growth. They may seek to reduce the risk through other hedges that protect the overall portfolio of the Funds, including interest rates, foreign currencies or sovereign, corporate or asset-backed credit spreads.

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Highline Capital Management employs a disciplined investment style and seeks to achieve portfolio diversification with the goal of creating attractive risk-adjusted returns. The firm generally seeks long-term capital appreciation consistent with what they believes to be a conservative portfolio structure supplemented by sound risk management practices. Highline has historically invested primarily in U.S. equities, both long and short, with relatively low net long exposure to the equity market. However, Highline may, for some funds, also transact in privately placed securities, currencies, private investments in public equity securities (PIPEs), equities traded in foreign markets, ETFs, debt instruments and derivatives, including swap agreements, options and warrants on securities.

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Towle & Co. employs a fundamental, deep value investment approach that seeks to achieve above-average capital appreciation. Their deep value investment strategy focuses on identifying and capitalizing on investments the stocks of publicly-traded companies that are undervalued relative to their underlying, intrinsic value. The firm seeks absolute value through investments in primarily small-cap and micro-cap stocks, typically with market-caps less than $2 billion. Towle & Co. tends to invest in the stocks of companies in the financial services, manufacturing, consumer products, retail, transportation and energy sectors. The firm does not invest in companies involved in tobacco, liquor or gaming. They invest mainly in the stocks of US companies. Towle & Co. maintains a low turnover rate.The firm's fundamental investment approach begins with a screen to identify companies with low price-to-book value, low p/e (current or potential) and low price-to-sales ratios.They often invest in companies operating in out-of-favor or consolidating industries that have stagnating or declining stocks prices. Companies should have total debt that is less than the shareholders' equity and possess a strong market position or technological leadership. Companies must also demonstrate the ability to prudently finance their on-going business activities. Towle & Co. seeks to invest in stocks that are selling at less than 6 times the total enterprise value to earnings before interest, taxes, depreciation and amortization expense.To determine upside potential and downside risk, the firm performs a financial evaluation that includes an analysis of historical and current profitability, liquidity, leverage and asset management. this analysis is followed by a review of industry prospects and the company's competitive position. Towle & Co. then projects the company's earnings power, cash flow generating capability and financial condition. They use the private market transaction values and profitability characteristics of comparable companies to determine a company's earnings potential over the next 3 years. To be included in a portfolio, a company's 3 year earnings potential must provide a minimum return on market value of 15%.Sell targets are established for each company in a portfolio. these targets usually represent a 50% to 100% increase from the market value at the time of the initial purchase. An estimate of a company's future earnings potential is determined by assigning a conservative multiple (8 to 13x) to the company's earnings potential in the third year. Sell targets are continuously monitored and are periodically adjusted as business and market conditions change. These period reviews may result in an upward or downward adjustment of the sell target or in the decision to sell the position.

Recent Transactions
Details Hidden

Meritor, Inc. purchases AxleTech International, Inc. from The Carlyle Group LP (Corporate Private Equity)

Details Hidden

WABCO Holdings, Inc. purchases Meritor Wabco Vehicle Control Systems from Meritor, Inc.

Details Hidden

Meritor, Inc. purchases Fabco Holdings, Inc.

Transaction Advisors
Accountant

Advised onMeritor, Inc. purchases Arvin Industries, Inc.

Investment Advisor

Advised onWABCO Holdings, Inc. purchases Meritor Wabco Vehicle Control Systems from Meritor, Inc.

Investment Advisor

Advised onWillis Stein & Partners LP purchases Precoat Metals Corp. from Meritor, Inc.

Professional

Advised onMeritor, Inc. issued Common stock

Lead Manager

Advised onMeritor, Inc. issued Common stock

Legal Advisor

Advised onThe Renco Group, Inc., Inteva Products LLC purchase Arvinmeritor, Inc. /Body Systems Business from Meritor, Inc.

Advisors & Consultants
Legal Advisor

Partner at Winston & Strawn LLP

Legal Advisor

Partner at Gibson, Dunn & Crutcher LLP

Legal Advisor

Partner at Chadbourne & Parke LLP

Clients

Navistar International Corp. is a holding company, which engages in the manufacture of military truck, proprietary diesel engines, school and commercial buses, and service parts for trucks and diesel engines. It operates through the following segments: Truck, Parts, Global Operations, and Financial Services. The Truck segment manufactures and distributes class four through eight trucks, buses, military and government vehicles under the International, and IC Bus (IC) brands, and produces engines under its proprietary brand name and parts required to support the military truck lines. The Parts segment offers a proprietary products needed to support the International commercial truck, IC Bus, proprietary engine lines, and export parts business, as well as its other product lines. The Global Operations segment comprises of Brazil engine operations which produce diesel engines under contract manufacturing arrangements. The Financial Services segment includes retail, wholesale, and lease financing of products sold by the truck and parts segments, and dealers within the United States, and Mexico. The company was founded in 1902 and is headquartered in Lisle, IL.

Ford Motor Co. engages in the manufacture, distribution, and sale of automobiles. It operates through the following three segments: Automotive, Mobility, and Ford Credit. The Automotive segment engages in developing, manufacturing, marketing and servicing of Ford cars, Lincoln vehicles. The Mobility segment includes Ford Smart Mobility LLC and autonomous vehicles business. The Ford Credit segment comprises Ford Credit business on a consolidated basis, which is primarily vehicle-related financing and leasing activities. The company was founded by Henry Ford on June 16, 1903 and is headquartered in Dearborn, MI.

General Motors Co. engages in the designing, manufacturing, and selling of cars, trucks and automobile parts. It also provides automotive financing services through General Motors Financial Company, Inc. The firm operates through the following segments: GM North America, GM International, and GM Financial. It sells vehicles under the Chevrolet, Cadillac, Baojun, Buick, GMC, Holden, Jiefang, Wuling, Maven, and OnStar brands. The company was founded by William C. Durant on September 16, 1908 and is headquartered in Detroit, MI.

Key Stats and Financials As of 2018
Market Capitalization
$1.91B
Total Enterprise Value
$2.51B
Earnings Per Share
$1.28
Revenue
$4.18B
Net Profit
$117M
EBITDA
$458M
EBITDAMargin
10.96%
Total Debt
$825M
Total Equity
$317M
Enterprise Value Sales
0.6x
Enterprise Value EBITDAOperating
5.47x
TEVNet Income
21.42x
Debt TEV
0.33x
Three Year Compounded Annual Growth Rate Of Revenue
6.03%
Five Year Compounded Annual Growth Rate Of Revenue
2.45%
Non-Profit Donations & Grants
Suppliers
Grupo SIMEC SAB de CV Metal Manufacturing & Products | Guadalajara, JA

SIMEC has sought to maintain a conservative financial profile, reinvesting 100 percent of profits in steel industry-related projects, and has pursued a low debt and aggressive expansion policy, which has assured the company a healthy financial situation and solid positioning. Since 2001, has acquired companies that have established Simec's as a leading producer of special steels in Mexico and the United States, as well as in the rebar, merchant and structural shapes in Mexico. Due to our capacity to generate cash flow and the prepayment of debts with our own operating resources, SIMEC has maintained one of the strongest capital structures in the industry, as well as solid liquidity and financial ratios, since it was acquired by the present administration in 2001, up to today.

Bharat Forge Ltd. Metal Manufacturing & Products | Pune, MA

Bharat Forge Ltd. engages in the manufacture of forged and machined components. It operates through the Forgings and Others segments. The Forging segment produces and sells forged products for the automotive and industrial sector. The Others segment comprises of non-forging related activities. The firm provides products for the automotive, power, oil and gas, rail, marine, aerospace, construction and mining, and e-mobility businesses. The company was founded on June 19, 1961 and is headquartered in Pune, India.

Sypris Solutions Inc. Aerospace & Defense | Louisville, KY

Sypris Solutions, Inc. engages in the provision of technology-based outsourced services and specialty products. It operates through the following segments: Sypris Technologies and Sypris Electronics. The Sypris Technologies segment involves in the selling of forged, machined, welded and heat-treated steel components and subassemblies including commercial vehicle component parts, high-pressure closures and other fabricated products; and manufacturing services for truck components and assemblies. The Sypris Electronics segment includes circuit card and full box build manufacturing, high reliability manufacturing, systems assembly and integration, design for manufacturability and design to specification work. The company was founded in 1997 and is headquartered in Louisville, KY.

Competitors
Berkshire Hathaway, Inc. Other Insurance Services - Greenwich, Connecticut

Berkshire Hathaway, Inc. is engaged in the provision of property and casualty insurance and reinsurance, utilities and energy, freight rail transportation, finance, manufacturing, retailing, and services. It operates through following segments: GEICO, General Re, Berkshire Hathaway Reinsurance Group, Berkshire Hathaway Primary Group, Burlington Northern Santa Fe, LLC, Berkshire Hathaway Energy, McLane Company, Manufacturing, Service and Retailing, and Finance and Financial products. The GEICO segments involves in underwriting private passenger automobile insurance mainly by direct response methods. The General Re offers underwriting excess-of-loss, quota-share, and facultative reinsurance. The Berkshire Hathaway Reinsurance Group segment consists of underwriting excess-of-loss and quota-share reinsurance for insurers and reinsurers. The Berkshire Hathaway Primary Group segment comprises of underwriting multiple lines of property and casualty insurance policies. The BNSF segment operates railroad systems in North America. The Berkshire Hathaway Energy segments deals with regulated electric and gas utility, including power generation and distribution activities, and domestic real estate brokerage and brokerage franchisor. The McLane Company segment offers wholesale distribution of groceries and non-food items. The Manufacturing segment includes industrial and end-user products, building products, and apparel. The Service and Retailing segment involves providing fractional aircraft ownership programs, aviation pilot training, electronic components distribution, and retailing. The Finance and Financial Products segment includes manufactured housing and consumer financing; transportation equipment, manufacturing and leasing; and furniture leasing. The company was founded by Oliver Chace in 1839 and is headquartered in Omaha, NE.

WABCO Holdings, Inc. Auto Parts & Tires - Auburn Hills, MI

WABCO Holdings, Inc. supplies electronic, mechanical, electro-mechanical and aerodynamic products for the manufacturers of commercial trucks, buses and trailers, as well as passenger cars. It engineers, develops, manufactures and sells integrated systems controlling advanced braking, stability, suspension, steering, transmission automation, as well as air compression and processing. Its products include pneumatic anti-lock braking systems, electronic braking systems, electronic stability control systems, brake controls, automated manual transmission systems, air disc brakes and conventional mechanical products such as actuators, air compressors and air control valves for medium and heavy-duty trucks, buses and trailers. The company was founded by George Westinghouse in 1869 and is headquartered in Rochester Hills, MI.

Dana, Inc. Auto Parts & Tires - Maumee, Ohio

Dana, Inc. engages in the manufacture, distribution, and sale of technology drive and motion products, sealing solutions, thermal-management technologies, and fluid-power products. It operates through the following segments: Light Vehicle, Commercial Vehicle, Off-Highway, and Power Technologies. The Light Vehicle segment includes drivetrain systems and components for passenger cars, crossovers, sport utility vehicles, vans, and light trucks. The Commercial Vehicle segment comprises of drivetrain and tire-pressure management systems, as well as genuine service parts, for medium and heavy-duty commercial vehicles. The Off-Highway segment offers drivetrain systems and individual product solutions under Spicer brand, and motion systems for associated machine working functions and stationary industrial equipment under Brevini brand. The Power Technologies segment consists of sealing solutions and thermal management technologies for reducing fuel consumption and emissions. The company was founded by Clarence W. Spicer on April 1, 1904 and is headquartered in Maumee, OH.

Awards & Honors
Rank #647
2016
Fortune Magazine - Fortune 1000 Companies
Sponsored by Fortune Magazine
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