ArvinMeritor, Inc. 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,” says 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.
