TROY, Mich. (Dec. 19,
2003) — ArvinMeritor, Inc. (NYSE:
ARM) announced today that it has signed a definitive agreement
to sell its 75 percent shareholdings in AP Amortiguadores, S.A. (APA) to joint
venture partner Kayaba Industry Co., Ltd. In 1989 ArvinMeritor acquired shares
in the joint venture company, which manufactures shock absorbers for the global
automotive market. The sale is subject to regulatory approval, and terms of the
transaction were not disclosed.
“ArvinMeritor is steadfast in its pursuit of
becoming a market leader of integrated suspension systems and modules for the
light vehicle market,” said Sidney Del Gaudio, ArvinMeritor Light Vehicle
Systems (LVS) vice president and general manager of Undercarriage. “By divesting
the APA shares we solely focus our more than 100 years of ride control expertise
and resources on designing and producing the next generation of ArvinMeritor
suspension system technologies.”
AP Amortiguadores, S.A. has more than 780 employees
in two locations: Pamplona (Ororbia), Spain and Curitiba (Fazenda do Rio
Grande), Brazil.
In October 2001, ArvinMeritor dissolved its North
American joint venture with Kayaba Industry Co., Ltd. Today’s announcement
marks the company’s final step to solely own and further develop ArvinMeritor’s
ride control technologies.
ArvinMeritor is a leader in the design and
manufacture of shocks, struts and corner modules for both original and
aftermarket customers worldwide. With continuing operations in North
America, South America, Europe, Africa and Asia, ArvinMeritor’s ride control
products are integral to the company’s light-, medium- and heavy-duty
undercarriage system strategy.
ArvinMeritor, Inc. is a premier $8-billion global
supplier of a broad range of integrated systems, modules and components to the
motor vehicle industry. The company serves light vehicle, commercial truck,
trailer and specialty original equipment manufacturers and related aftermarkets.
Headquartered in Troy, Mich., ArvinMeritor employs approximately 32,000 people
at more than 150 manufacturing facilities in 27 countries. ArvinMeritor common
stock is traded on the New York Stock Exchange under the ticker symbol ARM. For
more information, visit the company’s Web site at: http://www.arvinmeritor.com/.
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