ArvinMeritor Inc. on Monday, Jan. 3, announced that it has completed the sale of its Body Systems business to an affiliate of Inteva Products for $27.27 million, consisting of $12.27 million in cash at closing and a promissory note for $15 million, subject to adjustment for actual balances in working capital and other items, The divestiture affects more than 4,100 employees in 16 countries.
“Completing this sale is an important milestone for ArvinMeritor,” says Chip McClure, ArvinMeritor chairman, chief executive officer 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.”
