5 February 2007
ArvinMeritor has signed a definitive agreement to sell its Emissions Technologies business group to One Equity Partners (OEP), an equity investment firm based in New York, for cash and other consideration totaling approximately $310 million. The transaction is expected to be completed in the third quarter of fiscal year 2007.
ArvinMeritor will use the proceeds from the sale to strengthen its balance sheet and to invest in its chassis, drivetrain and apertures lines of business, which the company considers its core competencies.
The Emissions Technologies business, serving worldwide light and commercial vehicle manufacturers, has operations in 19 countries, 7,500 employees and several long-term joint venture relationships. Once the transaction closes, the new Emissions Technologies company will have dual headquarters in Columbus, IN, as well as in the metro Detroit area.
After the sale of the Emissions Technologies business, ArvinMeritor will have about 20,000 employees, with 75 facilities in 22 countries.