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Innovative ride control and exhaust products that provide a quieter, cleaner, safer, more comfortable ride under
the toughest conditions.
In 2000, we faced tough industry conditions:
| | Weak sales in the global aftermarket
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| | Production cutbacks by North American light vehicle manufacturers in the closing months of the year
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| | A 25 percent decline in North American heavy-duty truck production
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We've taken some tough actions strengthen our financial position in 2001:
| | Implemented aggressive restructuring programs, which should generate annualized savings of $72
million by the beginning of 2002
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| | Continued to tightly control capital spending, which is down 30 percent from historical levels
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| | Reduced working capital by $168 million during 2000
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| | Eliminated our $7 million stock dividend in January 2001
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| | Implemented a zero-based budgeting program for 2001 |
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