ArvinMeritor Divests More Light Vehicle Chassis Business
Published:30-June-2009
By Staff Reporter
Completes the sale of the US portion of Gabriel Ride Control Products’ North America business
ArvinMeritor, a global supplier of integrated systems, modules and components to the motor vehicle industry, has reached an agreement to divest another one of its light vehicle chassis businesses, bringing the total number of units divested in 2009 to three.
The company signed an agreement to sell its Gabriel Ride Control Products North America business to OpenGate Capital, a private equity firm. With the sale of Gabriel Ride Control Products North America, the company has now divested 87% of its Chassis operations based on 2008 value-added sales, said ArvinMeritor.
Chip McClure, Chairman, CEO and President, ArvinMeritor, said, "The sale of another one of our Chassis businesses is further evidence that we are able to execute our strategy to refocus the company on the commercial vehicle business even in a difficult environment."
"Selling the Gabriel Ride Control Products North America business, combined with the divestitures of MSSC and Gabriel de Venezuela, better positions us to achieve our long-term strategic objective to concentrate on the commercial vehicle on- and off-highway market segments for both original equipment manufacturers and aftermarket customers," he added.
Headquartered in Troy, Michigan, ArvinMeritor announced this sale along with the divestitures of Meritor Suspension Systems Company and Gabriel de Venezuela. The closing of the transaction would be completed once the license agreements and pending permits have been finalized.
