TROY, Mich., July 26 /PRNewswire-FirstCall/ -- ArvinMeritor, Inc.'s (NYSE:
ARM) Light Vehicle Systems (LVS) business group announced today that it has
signed a letter of intent to sell its 57 percent shareholdings in Meritor
Suspension Systems Company (MSSC) to joint venture partner Mitsubishi Steel
Mfg. Co., Ltd. (MSM). The joint venture, formed in 1986, produces steel
torsion and stabilizer bars and coil springs for the North American passenger
car market. The sale is subject to final ArvinMeritor board and regulatory
approval; terms of the transaction were not disclosed.
"Due to the competitive global nature of the automotive industry, the
current regional structure of this joint venture has limited its ability to
grow," said Juan De La Riva, president of ArvinMeritor's LVS business group.
"Our relationship with MSM has been a rewarding one, and we are confident that
under their sole direction and leadership, the business will have greater
opportunities for global growth and prosperity."
ArvinMeritor, Inc. is a premier $8.8 billion global supplier of a broad
range of integrated systems, modules and components to the motor vehicle
industry. The company serves light vehicle, commercial truck, trailer and
specialty original equipment manufacturers and certain aftermarkets.
Headquartered in Troy, Mich., ArvinMeritor employs approximately 29,000 people
at more than 120 manufacturing facilities in 25 countries. ArvinMeritor common
stock is traded on the New York Stock Exchange under the ticker symbol ARM.
For more information, visit the company's Web site at: www.arvinmeritor.com.
SOURCE ArvinMeritor, Inc.