ArvinMeritor to Divest Two Business Units
ArvinMeritor, Inc. announced Thursday that it plans to divest it's Light Vehicle Aftermarket business group
ArvinMeritor, Inc. announced Thursday that it plans to divest it's Light Vehicle Aftermarket business group.
At the same time, the company announced plans to divest its Roll Coater coil coating business, a wholly owned subsidiary.
The moves are designed to sharpen ArvinMeritor's focus on its Light Vehicle Systems OEM customers and its Commercial Vehicle Systems OEM and aftermarket customers, according to the company’s announcement.
"By concentrating our resources -- and longstanding engineering and design expertise -- on our core competencies, we will continue to generate even more value for our customers and our shareowners,” said ArvinMeritor’s new chairman, CEO and president Charles G. "Chip" McClure.
Lehman Brothers has been retained as an advisor for the Light Vehicle Aftermarket sale process. The company will report the LVA and coil coating businesses as discontinued operations when it reports its fourth-quarter earnings on Nov. 15, 2004. Additional information concerning these actions will be provided at that time.
The company expects to complete the divestitures during the 2005 fiscal year.
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