TROY, Mich. (June 25, 2009)—ArvinMeritor Inc. has reached agreements to divest its entire ownership stakes in two joint ventures in its light vehicle chassis business.
Together, the transactions will result in the divestiture of 45 percent of the company's chassis systems business, as measured by 2008 sales.
Troy-based ArvinMeritor entered into a binding letter of intent to sell its 57 percent stake in Meritor Suspension Systems Co.—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. The deal is expected to close in the coming months, after receiving necessary regulatory clearances.
Earlier this month ArvinMeritor also announced it had 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.