Arvin Completes Purolator Filter Sale.COLUMBUS, Ind.--(BUSINESS WIRE)--Feb. 26, 1999--Arvin Industries, Inc. (NYSE NYSE See: New York Stock Exchange :ARV ARV abbr. Bible American Revised Version ARV n abbr (= American Revised Version) → traducción americana de la Biblia ARV n abbr (= ), today announced that it has completed the transaction to acquire the Purolator Products automotive filter business from Mark IV Industries, Inc. Purolator(TM) has sales of approximately $345 million. The transaction value of $276 million includes the assumption of $6 million in debt. Purolator(TM) is a leading independent manufacturer and distributor of automotive oil, air, and fuel filters in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. for the replacement and original equipment markets. Purolator(TM) is also an automotive legend whose brand name is one of the oldest and best established in the industry. The legend began with the creation of the first automotive filter in 1923. The filter was called "Purolator" by its inventor . . . short for the words "pure oil later." Today, the promise of the Purolator(TM) name continues to be true. The Purolator(TM) brand includes more than 2,000 part numbers for automotive, light truck and heavy-duty applications. V. William Hunt, President and Chief Executive Officer said, "We welcome Purolator(TM), their employees, and products into the Arvin family. Purolator(TM), along with Maremont(TM) exhaust, Gabriel(TM) ride control, and StrongArm(TM) gas springs create tremendous synergies among our brand name replacement products. "In addition to the brand name synergies we share, the transaction will be accretive to earnings in 1999 and is expected to result in a Return on Invested Capital (ROIC ROIC Return On Invested Capital ROIC Return On Investment Capital ROIC Readout Integrated Circuit ROIC Resident Officer In Charge ROIC Regional Office Implementation Committee ) in excess of Arvin's cost of capital," Hunt explained. Certain information and statements included or implied are forward looking and involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. These forward-looking statements are identified by their use of terms and phrases such as "expected," "expect," "should," "estimated earnings," "anticipate," and "believe." Information about potential factors identified by the Company, which would affect the actual financial results, are included in the Company's Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. , filed January 3, 1997, with the SEC. Arvin Industries, Inc., is a global manufacturer of automotive components with over 50 manufacturing facilities and eight technical centers located in 19 countries. Arvin is a leading manufacturer of automotive exhaust systems, ride control products, and gas charged lift supports. Our replacement products are sold under various trademarks including Arvin, Maremont, Timax, ANSA ANSA - Advanced Network Systems Architecture and ROSI ROSI Return on Security Investment ROSI Repository of Student Information ROSI Rollergirls of Southern Indiana (Evansville, IN) ROSI Raytheon Optical Systems Incorporated ROSI Romanian Open Source and Free Software Initiative for exhaust systems; Gabriel shock absorbers Shock absorbers See: Circuit breakers ; and StrongArm gas charged lift supports. For more information on Arvin Industries via the Internet, visit our Corporate Home Page at http://www.arvin.com or our Corporate News on the Net site at http://www.businesswire.com/cnn/arv.shtml. For information via fax, please call our News On Demand service at 888-622-1161. |
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