COLUMBUS, Ind., May 17 /PRNewswire-FirstCall/ -- One Equity Partners (OEP), an equity investment firm based in New York, today announced that it has completed the previously announced acquisition of ArvinMeritor, Inc.'s, Emissions Technologies business group for approximately $310 million. In certain jurisdictions, ArvinMeritor, Inc. will provide transition services to EMCON Technologies until all licenses, registrations and other related documents are complete.
The new independent company will be named EMCON Technologies. H. H. "Buddy" Wacaser, formerly Senior Vice President and President of ArvinMeritor's Emission's Technology business, has been named President and CEO of EMCON.
OEP Senior Partner, Lee Gardner, said, "We are pleased to complete this exciting transaction. Over the last several months, we have spent considerable time with EMCON's management team and employees to refine the aggressive growth plan for the business and develop strategies to drive enhanced value for our global customers. OEP will support the existing management in further expanding its market-leading position in the exhaust and emissions technology industry. We see tremendous opportunities to leverage EMCON's global presence and competitive strengths to position it for long-term success."
H. H. "Buddy" Wacaser, President and CEO of EMCON Technologies, said, "Today marks an important milestone in the history of this exceptional business. Our management team, and the thousands of employees that helped build this business for nearly 100 years, are committed to continuing to fulfill our mission of developing technologies that support our customers' efforts to reduce pollutants and greenhouse gas emissions. We are excited to work with OEP, which has significant experience operating companies in the automotive industry and recognizes the significant opportunities for our business. We are confident that their financial and management resources will be instrumental in driving our new company's future growth. We expect to continue developing industry-leading technologies to support our customers around the globe."
EMCON Technologies is a full service system integrator offering exhaust and emissions solutions for a variety of applications.
About EMCON Technologies
EMCON Technologies, is a leader in the global emission technology industry. The company serves worldwide light and commercial vehicle manufacturers. The $3 billion business has operations in 19 countries, 7,500 employees and several long-term joint venture relationships. EMCON is privately owned by One Equity Partners, an equity investment firm based in New York. For more information, visit the company's Web site at: http://www.emcontechnologies.com/.
About One Equity Partners
One Equity Partners (OEP) manages $5 billion of investments and commitments for JPMorgan Chase & Co. in direct private equity transactions. Partnering with management, OEP invests in transactions that initiate strategic and operational changes in businesses to create long-term value. OEP's investment professionals are located across North America and Europe, with offices in New York, Chicago and Frankfurt.
