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MERITOR, INC.

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2022 10-Q, filed Aug 2, 2022. Its latest SEC filing is a 15-12G from Aug 15, 2022.

The sections below describe the company as of the FY2021 annual report.

What Did They Do?

Supplies drivetrain systems, brakes and suspension products to commercial-vehicle and industrial manufacturers, and replacement parts to vehicle and industrial aftermarket customers.

How Did They Make Money?

Customers buy products through individual releases or purchase orders; sales are counted when goods ship, and payment terms vary by customer and location.

revenue
SegmentShareRevenue
External Sales
Sold outright

100%
FY2018: 100%
Intersegment Sales
0.0%
FY2018: 0.0%

Who Were Their Customers?

In North America, vehicle makers typically buy directly; aftermarket products go through makers’ parts operations, dealers, distributors and service garages.

Customers above 10% of revenue, FY2021
of revenue from three customers (24%, 16%, 13%)
FY2019: 54% from three customers

Did Revenues Turn Into Profits?

Yes. It kept 5 cents of every revenue dollar as net income in FY2021.

Operating income, FY2021
6% of revenue
▼ −34% vs FY2020 ($332M, 11%)
Net income, FY2021
5% of revenue
▼ −19% vs FY2020 ($245M, 8%)

How Were They Changing?

Since the FY2021 annual report
  • Aug 3, 2022 Cummins completed its acquisition of Meritor Meritor became a wholly owned subsidiary of Cummins.
  • May 23, 2022 Agreed to acquire Siemens’ commercial vehicle business The planned purchase was subject to regulatory approval and other closing conditions.
  • Feb 22, 2022 Agreed to be acquired by Cummins The agreement set cash consideration for each Meritor share, subject to closing conditions.

Grew. Revenue grew 15% in 4 years, from $3.3B in FY2017 to $3.8B in FY2021, about 3% a year.

Revenue over time
External Sales Intersegment Sales
$5B$2.5B$0

Who Did They Compete With?

Competes with Dana, Detroit Axle, Allison, ZF Friedrichshafen, Hande, Fuwa, Ankai, Bendix, Knorr Bremse, ZF, MAN, Oshkosh, AM General, Marmon-Herrington, Carraro, NAF, Sisu, Hendrickson, and SAF-Holland

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