ArvinMeritor to Sell Emissions Technology Business for $310 Million
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Components maker ArvinMeritor Inc. said Friday it plans to sell its emissions technologies business to a private equity firm for $310 million.
The company will sell the unit to New York-based One Equity Partners, ArvinMeritor said in a statement.The technologies unit has 7,500 employees in operations in 19 countries.The decision “is part of our long-term strategy to refocus our company and concentrate on the strengths and core competencies that will generate future earnings growth,” ArvinMeritor Chairman and Chief Executive Officer Chip McClure said in a statement.“We believe that the worldwide push to reduce pollutants and greenhouse gas emissions will create long-term opportunities for companies focused on advanced exhaust and emissions technology,” said Lee Gardner, a senior partner with One Equity Partners.ArvinMeritor said it expects to complete the deal in its third quarter of its 2007 fiscal year, which is the April-June period.ArvinMeritor reported Tuesday that its fiscal first-quarter earnings fell to $7 million or 10 cents a share, from $34 million or 49 cents a year earlier. (Click here for previous coverage.)
Components maker ArvinMeritor Inc. said Friday it plans to sell its emissions technologies business to a private equity firm for $310 million.
The company will sell the unit to New York-based One Equity Partners, ArvinMeritor said in a statement.The technologies unit has 7,500 employees in operations in 19 countries.The decision “is part of our long-term strategy to refocus our company and concentrate on the strengths and core competencies that will generate future earnings growth,” ArvinMeritor Chairman and Chief Executive Officer Chip McClure said in a statement.“We believe that the worldwide push to reduce pollutants and greenhouse gas emissions will create long-term opportunities for companies focused on advanced exhaust and emissions technology,” said Lee Gardner, a senior partner with One Equity Partners.ArvinMeritor said it expects to complete the deal in its third quarter of its 2007 fiscal year, which is the April-June period.ArvinMeritor reported Tuesday that its fiscal first-quarter earnings fell to $7 million or 10 cents a share, from $34 million or 49 cents a year earlier. (Click here for previous coverage.)
