US-based drivetrain, mobility braking and aftermarket solution provider, Meritor, has terminated a distribution agreement with technology company, WABCO Holdings, Inc.
The termination was effective 13 March 2020.
Meritor was paid $256 million USD (approx. €232.7 million) in connection with the termination of the agreement.
WABCO North America said in a statement this week it will assume distribution rights for its complete portfolio of aftermarket products, including WABCO branded ABS technologies, stability control, advanced driver assistance systems, air systems and other products currently distributed with exclusivity by Meritor.
“The termination of this exclusive distribution agreement unlocks an array of new and enhanced services designed to enable fast, high-quality repairs that result in improved vehicle safety, performance and uptime,” WABCO said.
In other news, Meritor is building a $50 million USD, 160,000-square-metre facility in Roseira, Brazil, to support the expanding domestic commercial vehicle market with modern production facilities when it opens for business in 2021.
(Image: Meritor CEO and President, Jay Craig.)