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Meritor Inc. announced the distribution agreement between the company and a subsidiary of Wabco Holdings Inc. was terminated effective March 13.
Meritor was paid $265 million in connection with the termination of the agreement, the Troy, Mich.-based component supplier reported March 16.
Meritor previously distributed in North America Wabco-branded anti-lock brake system technologies, stability control, advanced driver assistance systems, air systems and other replacement products.
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In 2017, Wabco agreed to a buyout of Meritor’s stake in their joint venture Meritor Wabco. That deal ended a 27-year, 50-50 partnership but allowed Meritor to continue to provide sales, service and training to Meritor Wabco customers for two years. That has now ended.
Wabco announced in February its expanded product and service online platform was scheduled to launch in March, enabling customers to access its replacement components and retrofit kits. At the same time, the company announced several new aftermarket products and services for commercial vehicles.
“We are demonstrating our commitment to customers by significantly expanding our aftermarket portfolio, adding new distribution infrastructure and logistics capabilities, and creating an enhanced customer experience team for original equipment service providers, aftermarket parts distributors and fleets seeking to maximize vehicle uptime,” Wabco President Jon Morrison said in a release at the time. — Transport Topics
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