ArvinMeritor has announced the sale of Gabriel South Africa, its Light Vehicle Aftermarket (LVA) Ride Control business in Cape Town — which includes the sale of the Gabriel trademark in designated African countries — to Control Instruments Group Limited, which is listed on the JSE Limited in South Africa.
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The cash purchase price of the transaction is approximately US$12 million, which does not include the land and buildings that are being retained by ArvinMeritor. The sale is subject to regulatory approvals.
“This sale is part of our plan to divest non-core businesses and assets,” said Chip McClure, ArvinMeritor chairman, CEO and president. “Going forward, we will continue to focus resources and capital on those areas that produce the highest returns for us and create the best strategic fit with our existing product portfolio.”
The divestiture affects approximately 400 employees at the Cape Town facility.
McClure added: “Gabriel South Africa is joining a company that can fully leverage its capabilities. We wish our longtime LVA associates much success in their future with Control Instruments Group.”
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By GlobalDataArvinMeritor’s light vehicle emissions technologies business, housed at the same location, is not included in or affected by the sale.
