TROY, Mich., Jan. 3, 2011 /PRNewswire/ -- 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.
(Logo: http://photos.prnewswire.com/prnh/20010524/ARVINLOGO
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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.
About ArvinMeritor
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.
Forward-Looking Statements
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.