Bendix Commercial Vehicle Systems has completed the sale of its fan drive/clutch business to Kit Masters. At the same time, the company's chairman, Bob Oswald, has announced his retirement.

Kit Masters, a Perham, Minn.-based manufacturer of heavy-duty aftermarket components, specializes in remanufactured fan drives, rebuild kits, and related accessories. While details of the transaction were not disclosed, the deal was completed Dec. 21. Kit Masters will manufacture, distribute, and sell fan drive products under the existing Torquemaster, FD-1, FD-3 and FD-L brand names.

According to Bendix CVS, the divestiture will allow the company to focus on its energy management solutions, including fuel savings and emission-reducing technologies for diesel-powered commercial vehicles.

Oswald was appointed chairman of Bendix Commercial Vehicle Systems in October 2003, after serving as chairman and CEO since March 2002. During his time at Bendix, he assisted the leadership in identifying and integrating centers of competency throughout the Knorr-Bremse group. He was a key factor in the company's development of a cohesive global market plan.

"[Oswald] has been a strong and insightful resource for me, and his vast industry experience and broad contact base have been an excellent complement to the Bendix leadership team as our organization has evolved and grown," said Joe McAleese, president and CEO of Bendix.

Prior to joining Bendix, Oswald was chairman, president and CEO of Robert Bosch Corporation, the North American subsidiary of the Stuttgart, Germany-based Robert Bosch GmbH.