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ArvinMeritor Completes Sale Of Body Systems Unit For $27.3M

DOW JONES NEWSWIRES ArvinMeritor Inc. (ARM) completed the sale of its remaining auto parts division, effectively ending a four-year restructuring effort aimed at returning the company to profitability by tying its future to the commercial truck industry. The producer of parts for commercial vehicles sold its body systems business to Inteva Products LLC for about $27.3 million, consisting of $12.3 million in cash and a promissory note for $15 million. The transaction, which affects more than 4,100 employees in 16 countries, was initially announced in August. "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," said ArvinMeritor Chairman and Chief Executive Chip McClure. McClure has been remaking ArvinMeritor by selling off divisions and closing plants since 2007. His goal has been to streamline the company during a time of great upheaval in the auto-parts industry. ArvinMeritor has seen positive volume trends of late in Europe and North America as the automotive market has improved. Results suffered last year when vehicle production was slashed because of slack demand. In November, the company reported it swung to a fiscal fourth-quarter profit on a pension gain as sales jumped and margins improved. Shares were up a penny to $20.86 in after-hours trading. The company's stock has rallied for nearly two years, after falling under $1 in March 2009. -By John Kell, Dow Jones Newswires; 212-416-2480; john.kell@dowjones.com (Jeff Bennett contributed to this report.)

Stock News for Arvinmeritor (ARM)
DateTimeHeadline
02/01/201109:45:59ArvinMeritor Swings To 1Q Loss; Sees Strong 2Q Revenue
01/03/201116:53:13ArvinMeritor Completes Sale Of Body Systems Unit For $27.3M
11/16/201009:04:01ArvinMeritor Swings To 4Q Profit On Gain; Revenue Up 37%
09/20/201020:16:42ArvinMeritor To Invest $57 Million In Europe, China Brake Operations
08/03/201009:22:35ArvinMeritor 3Q Loss Narrows On Higher Sales, Margins
07/20/201018:48:06ArvinMeritor To Add 125 Jobs, Spend $23 Million To Expand Tech...
05/04/201016:15:10US Auto-Parts Cos.' Profit Up On Rejuvenated Sales, Production...
05/04/201009:02:28ArvinMeritor Swings To 2Q Profit, Gives Upbeat Sales Target
04/14/201011:01:45ArvinMeritor CEO: Plan To Exit Auto-Part Production On Track
02/02/201009:04:14ArvinMeritor Breaks Even In 1Q Amid Higher Margins, Lower Revenue
12/15/200909:05:27ArvinMeritor Sees 3rd Consecutive Quarter Positive Cash Flow
11/10/200909:17:55ArvinMeritor 4Q Loss Narrows Amid Cost Cuts; Names Operating...

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