ArvinMeritor completed the sale of its body systems division to Inteva Products

Article by Christian A., on January 8, 2011

ArvinMeritor Inc.’s sale of its body systems division to Inteva Products has been completed. The deal, which amounts to $27.3 million, includes $12.3 million in cash and a promissory note for $15 million, according to a statement from ArvinMeritor. Last August, the company revealed plans to sell its body systems division to Inteva for $35 million.

This sale is in line with ArvinMeritor’s plan to concentrate on commercial trucks and to leave the light vehicle business. In this press release, CEO Chip McClure said that the company considers the completion of this sale to be “an important milestone.”

He added that the transaction “completes [its] transformation” and will advance its ability to reach its financial goals as the core operations in the global commercial vehicle and industrial markets is strengthened.

In the fourth quarter of its 2010 fiscal year (ending on Sept. 30), ArvinMeritor recorded a net income of $2 million on revenue of $956 million, getting back on the black from a $14 million net loss on revenue of $697 million the year before.

ArvinMeritor also pointed out that its profits grew because of the rising demand for trucks in North America and Europe. Inteva, which is also based in Detroit, is a wholly owned subsidiary of Renco Group Inc. Inteva produces instrument panels, consoles, cockpits and door closures.

Two years ago, Renco Group acquired Inteva from Delphi Corp. Inteva’s products will now include sunroofs, motors and electronics, after having acquired ArvinMeritor’s body systems division. ArvinMeritor supplies drivetrain, suspension and chassis components and systems. [via autonews - sub. required]

If you liked the article, share on:

Comments

Recommended

It is quite common to revive classic cars if you have a lot of extra money. Models like the Jaguar XKSS and Aston Martin’s DB4 GT have been upgraded to...
by - August 21, 2017
Famous designer of certain Ferrari vehicles like the Enzo Ferrari and the P4/5, Ken Okuyama has revealed another one of his designs at the 2017 Pebble Beach Concours over the...
by - August 21, 2017
The current generation of the BMW M3 (F80) sedan isn’t just sporty and luxurious in terms of looks, but also in terms of performance. Because of its athletic appeal, the...
by - August 21, 2017
A lot of us know Singer Vehicle Design and their signature work of reimagining Porsche 911s, and making them look like hot rods from the 70s. They are not alone...
by - August 20, 2017
August 17, 2017 is a sad day for the Dodge Viper, its fans, enthusiasts and its admirers. It is the day when the last Dodge Viper rolled off the assembly...
by - August 20, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries