ArvinMeritor has completed the sale of its 57% stake in the Meritor Suspension Systems Company (MSSC) joint venture to Mitsubishi Steel for close to US$13m, which included a $12m cash dividend received by ArvinMeritor in the third quarter.
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“The completion of this transaction is another milestone toward ArvinMeritor focusing primarily on supplying advanced product solutions for commercial trucks and trailers, on- and off-highway applications for military, construction and bus and coach, and the aftermarket,” said ArvinMeritor’s chairman, CEO and president Chip McClure.
In September, ArvinMeritor completed the sale of its wheels business – once a division of its light vehicle systems segment – to Iochpe-Maxion, the Brazilian producer of wheels and frames for commercial vehicles, railway freight cars and castings, for around US$180m.
The company, in August, booked a net loss of US$162m for its third fiscal quarter ended 30 June, 2009 on sales down 47% to $993m.
The supplier said the fall was due to “significantly lower” production volumes in most original equipment markets.
