26th
June 2009 -
ArvinMeritor Divests Ownership Stakes in Two Light Vehicle Systems
Chassis Businesses
ArvinMeritor,
Inc. has announced that it has reached agreements to divest its entire
ownership stakes in two joint ventures in its light vehicle Chassis
business. Together, these transactions will result in the divestiture
of 45 percent of the Chassis Systems business (as measured by 2008
sales).
The company
entered into a binding letter of intent to sell its 57 percent stake in
Meritor Suspension Systems Company (“MSSC”), a joint venture that
manufactures and sells automotive coil springs, torsion bars and
stabilizer bars in North America, to its joint venture partner, a
subsidiary of Mitsubishi Steel Mfg. Co., LTD (MSM). The transaction is
expected to close in the coming months, after receiving necessary
regulatory clearances.
ArvinMeritor
also announced that, earlier this month, it completed the sale of its 51
percent stake in Gabriel de Venezuela, which manufactures shock
absorbers, struts, exhaust systems and suspension modules for countries
including Venezuela, Colombia, Chile, Bolivia, Peru and Ecuador.
“We are
pleased to announce these two divestitures, which represent important
steps toward achieving our long-term strategic objective to focus on
supplying the commercial vehicle on- and off-highway markets for both
original equipment manufacturers and aftermarket customers,” said Chip
McClure, chairman, CEO and president. “Our joint venture partners are
strong companies and I am confident that they will focus on growing
these businesses. 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.”
About
ArvinMeritor
ArvinMeritor,
Inc. is a premier global supplier of a broad range of integrated
systems, modules and components to the motor vehicle industry. The
company marks its centennial anniversary in 2009, celebrating a long
history of 'forward thinking.' The company serves commercial truck,
trailer and specialty original equipment manufacturers and certain
aftermarkets, and light vehicle manufacturers. ArvinMeritor common stock
is traded on the New York Stock Exchange under the ticker symbol ARM.
Source:
ArvinMeritor Press Release