TROY, Mich. (AFX) - Motor vehicle components maker ArvinMeritor Inc. said Tuesday it sold its light vehicle aftermarket motion control unit to AVM Industries LLC for an undisclosed amount.
The land and buildings of ArvinMeritor's Marion, S.C. operation are not included in the deal, said ArvinMeritor. The unit makes gas springs and vacuum actuators and employs 400 people. AVM is a limited liability company based in Ohio.
'With this sale, we move closer to our objective to divest the entire LVA business group, allowing us to build on our core competencies in the global automotive and commercial truck markets,' said Chip McClure, chairman, chief executive and president of ArvinMeritor.
ArvinMeritor recently divested other businesses in the group, such as its equity shares of Purolator India, a Purolator filters and exhaust business in North America and its ride control business in Cape Town, South Africa.
ArvinMeritor employs about 29,000 people at 120 manufacturing facilities in 25 countries.
Shares decreased one penny to $16.57 in aftermarket trading on the INET exchange after closing the regular New York Stock Exchange session at $16.58.
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