TROY, Mich., Jan. 3, 2011 /PRNewswire via COMTEX/ --
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.
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"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.
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.
This press release contains statements relating to future results of the company (including certain projections and business trends) that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by words or phrases such as "believe," "expect," "anticipate," "estimate," "should," "are likely to be," "will" and similar expressions. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to global economic and market cycles and conditions, including the recent global economic crisis; the demand for commercial, specialty and light vehicles for which the company supplies products; risks inherent in operating abroad (including foreign currency exchange rates and potential disruption of production and supply due to terrorist attacks or acts of aggression); whether our liquidity will be affected by declining vehicle production volumes in the future; reduced production for certain military programs and the return of volumes of selected long-term military contracts to more normalized levels; availability and sharply rising cost of raw materials, including steel and oil; OEM program delays; demand for and market acceptance of new and existing products; successful development of new products; reliance on major OEM customers; labor relations of the company, its suppliers and customers, including potential disruptions in supply of parts to our facilities or demand for our products due to work stoppages; the financial condition of the company's suppliers and customers, including potential bankruptcies; possible adverse effects of any future suspension of normal trade credit terms by our suppliers; potential difficulties competing with companies that have avoided their existing contracts in bankruptcy and reorganization proceedings; successful integration of acquired or merged businesses; the ability to achieve the expected annual savings and synergies from past and future business combinations and the ability to achieve the expected benefits of restructuring actions; the ability to achieve anticipated or continued cost savings from reduction actions; success and timing of potential divestitures; potential impairment of long-lived assets, including goodwill; potential adjustment of the value of deferred tax assets; competitive product and pricing pressures; the amount of the company's debt; the ability of the company to continue to comply with covenants in its financing agreements; the ability of the company to access capital markets; credit ratings of the company's debt; the outcome of existing and any future legal proceedings, including any litigation with respect to environmental or asbestos-related matters; the outcome of actual and potential product liability and warranty and recall claims; rising costs of pension and other post-retirement benefits and possible changes in pension and other accounting rules; as well as other risks and uncertainties, including but not limited to those detailed from time to time in filings of the company with the SEC. These forward-looking statements are made only as of the date hereof, and the company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by law.
SOURCE ArvinMeritor, Inc.