ArvinMeritor Inc. announced it has reached an agreement for the sale of its off-highway axle business, which principally manufactures planetary axles for off-road applications, to AxleTech International
of Troy, Mich., an affiliate of Wynnchurch Capital, Ltd.
The sale includes manufacturing sites at Oshkosh, Wis., and St. Etienne, France, and the planetary axle operations in Osasco, Brazil, and Seoul, Korea.
The sale excludes ArvinMeritor's interest in its joint venture operations in Xuzhou, China. Terms of the sale were not disclosed. The closing of the sale will take place pending certain regulatory approvals.
ArvinMeritor's Tom Gosnell, president of Commercial Vehicle Systems, emphasized that the sale also does not include ArvinMeritor's on-highway drivetrain, trailer axle, suspensions or specialty products businesses. "ArvinMeritor remains committed to these core businesses that serve a wide array of global markets, including on-highway medium- and heavy-duty trucks, trailers, buses and coaches, military, construction, utility, and emergency vehicles," Gosnell said.
Through the sale, AxleTech International establishes itself as a global manufacturer and supplier of planetary drive axle products for vehicles used primarily in off-highway applications in the construction, material-handling, forestry, mining, agriculture and select military markets.
Wynnchurch Capital is a privately owned investment management firm headquartered in Chicago, Ill., with capital under management in excess of $200 million. Wynnchurch specializes in management buyouts, acquisitions, recapitalizations, restructurings and growth capital investments.
ArvinMeritor Inc. is a $7-billion global supplier of a broad range of integrated systems, modules and components to the motor vehicle industry. The company serves light vehicle, commercial truck, trailer and specialty original equipment manufacturers and related aftermarkets.