ArvinMeritor Announces Sale of Body Systems Business
TROY, Mich., Jan. 3, 2011 - ArvinMeritor, Inc. (NYSE: ARM) today announced that it has completed the sale of its Body Systems business to an affiliate of Inteva Products, LLC. The estimated purchase price at closing was $27.27 million, consisting of $12.27 million in cash at closing (adjusted for estimated balances in working capital and other items at the time of the closing) and a promissory note for $15 million, and is subject to adjustment for actual balances in working capital and other items.
"Completing this sale is an important milestone for ArvinMeritor," said Chip McClure, ArvinMeritor chairman, CEO and president. "This transaction completes our transformation, and will further our ability to achieve our financial goals with the continued strengthening of our core operations in the global commercial vehicle and industrial markets."
The divestiture affects more than 4,100 employees in 16 countries.
About Inteva Products, LLC
Inteva Products, LLC has more than 135 years of experience and expertise, empowering some of the best minds in the industry with global resources supported by a team at 43 facilities on four continents. Inteva designs, engineers, manufactures, and assembles Interior Systems, Integration Systems, Access Control Systems, Door Systems, Roof Systems, Electronics & Motor Systems, and Advanced Materials & Processes for leading OEMs around the globe. Inteva's integration capabilities provide everything from component parts to fully integrated vehicle subsystems. Inteva is committed to execute to the highest level possible for all customers to create solutions that meet quality and technical specifications while remaining on time and on budget. For more information visit www.intevaproducts.com.
Insight. Inside. Inteva.
About ArvinMeritor
Headquartered in Troy, Mich., U.S., ArvinMeritor is a global supplier of a broad portfolio of axle, brake and suspension solutions to original equipment manufacturers and the aftermarket for the transportation and industrial sectors. The company serves commercial truck, trailer, bus & coach and off-highway machinery manufacturers, in addition to defense contractors. ArvinMeritor marked its centennial anniversary in 2009, celebrating a long history of forward thinking. Common stock is traded on the New York Stock Exchange under the ticker symbol ARM. For important information about the company, visit ArvinMeritor's Web site at www.arvinmeritor.com.
SOURCE ArvinMeritor, Inc.
CONTACT:Media Inquiries:Krista Sohm,+1-248-435-7115,krista.sohm@arvinmeritor.com;
Investor Inquiries:Brett Penzkofer,+1-248-435-9426,brett.penzkofer@arvinmeritor.com
Web Site: www.arvinmeritor.com
