ArvinMeritor Inc. has an agreement to sell its Body Systems business to an affiliate of Inteva Products LLC for approximately $35 million. The agreement is subject to regulatory approvals and some of the revenue may be deferred. The price also includes possible adjustments for items like working capital fluctuations, according to a statement by the automotive products supplier.
The operations being sold include facilities in 14 countries with more than 5,000 workers.
The company has been in a restructuring mode for much of the past two years. It divested its automotive wheels business in 2009, and has been seeking a buyer for the Body Systems unit for much of the intervening period. Both units had formerly comprised ArvinMeritor’s Light Vehicle Systems business, but the effort to sell it as a whole were unsuccessful.
The sale means ArvinMeritor is concentrated now in the commercial and industrial vehicles segment, manufacturing systems, modules and components to OEMs and the aftermarket.
"With this transaction, we are now able to fully focus on our core businesses of Commercial Truck, Industrial and Aftermarket & Trailer," stated Chip McClure, ArvinMeritor chairman, CEO and president.
Inteva Products designs, manufactures, and assembles interior systems, cockpits, latch and closure systems, door module and window lift system for OEMs at 18 plants worldwide.