ArvinMeritor Inc. has agreed to sell its Purolator filters business to the Bosch Group and the Mann+Hummel Group in Germany.
Financial terms were not disclosed. The two companies plan to operate the business as a joint venture, ArvinMeritor said, adding that the sale is part of its plan to divest its light vehicle aftermarket businesses individually.
Purolator, one of the world's largest makers of oil, air, fuel and cabin filters, is based in Fayetteville, N.C., has a distribution facility in Salt Lake City and an administrative center in Brentwood, Tenn., the company said. Its Fayetteville plant has about 984 employees and annual sales of about $267 million, according to the companies.
"We continue to work diligently to divest these remaining businesses in a way that is fair to our employees and generates maximum value for our shareholders," said Chip McClure, ArvinMeritor president, chairman and chief executive, in a statement.
Financial terms were not disclosed. The two companies plan to operate the business as a joint venture, ArvinMeritor said, adding that the sale is part of its plan to divest its light vehicle aftermarket businesses individually.
Purolator, one of the world's largest makers of oil, air, fuel and cabin filters, is based in Fayetteville, N.C., has a distribution facility in Salt Lake City and an administrative center in Brentwood, Tenn., the company said. Its Fayetteville plant has about 984 employees and annual sales of about $267 million, according to the companies.
"We continue to work diligently to divest these remaining businesses in a way that is fair to our employees and generates maximum value for our shareholders," said Chip McClure, ArvinMeritor president, chairman and chief executive, in a statement.
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