ArvinMeritor is selling its stake in two joint ventures in its light vehicle Chassis business, in an effort to concentrate on commercial vehicle businesses.

The company signed an agreement to unload its 57 percent stake in Meritor Suspension Systems Company, which produces automotive coil springs, torsion bars and stabilizer bars in North America. The stake will be sold to its joint venture partner, a subsidiary of Mitsubishi Steel.

ArvinMeritor also sold its 51 percent stake in Gabriel de Venezuela, which builds absorbers, struts, exhaust systems and suspension modules for countries including Venezuela, Colombia, Chile, Bolivia, Peru and Ecuador.

"We continue to concentrate on divesting the light vehicle Chassis business, and we are pleased with the high level of interest we are continuing to see from potential buyers in the remaining segments of that business," said Chip McClure, chairman, CEO and president.

Through the transactions, ArvinMeritor sheds 45 percent of its Chassis Systems business.