ArvinMeritor has reached an agreement to sell its Body Systems business to an affiliate of Inteva Products, a wholly owned subsidiary of The Renco Group.
ArvinMeritor Completes Exit From Light-Duty Segment
ArvinMeritor has reached an agreement to sell its Body Systems business to an affiliate of Inteva Products, a wholly owned subsidiary of The Renco Group
by Staff
August 4, 2010
1 min to read
The move completes ArvinMeritor's exit from the light-duty vehicle business.
"With this transaction, we are now able to fully focus on our core businesses of commercial truck, industrial and aftermarket and trailer," said Chip McClure, ArvinMeritor chairman, CEO and president. "Finalizing this agreement is an important milestone for us and underscores our commitment to building value for ArvinMeritor's shareholders."
While the deal is subject to regulatory approvals and other conditions, the Body Systems business will sell for about $35 million, including deferred consideration and excluding potential adjustments for items such as working capital fluctuations. Houlihan Lokey and UBS Investment Bank are financial advisors to ArvinMeritor on the transaction.
When complete, the divestiture will affect more than 5,000 employees at facilities in 14 countries.
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