ArvinMeritor has sold its light vehicle aftermarket (LVA) European exhaust operations to private equity group Klarius in the United Kingdom.
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Terms of the sale were not disclosed.
“This transaction completes the divestiture of the LVA business,” said ArvinMeritor chairman, CEO and president Chip McClure. “Our strategy is to focus resources and capital on areas within our core businesses that produce the highest returns for our shareowners.”
This sale affects about 1,000 employees at LVA facilities in Blackpool, Lancaster and Stoke-on-Trent, England; Dreux and Nanterre, France; and Finale Emilia, Italy.
McClure added: “Completing the sale of LVA is another recent achievement toward strengthening the company and positioning ourselves for profitable future growth.”
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