Boris Ladwig, The Republic City Editor
ArvinMeritor has sold its off-highway brake business to a North Carolina company for about $39 million.
The Troy, Mich.-based auto parts supplier in recent years has sold facilities and business units to cut costs and narrow its focus.
ArvinMeritor said Monday it has sold equipment and assets from manufacturing facilities in York, S.C. and Cwmbran, South Wales, to Carlisle Braking Products, a subsidiary of Charlotte-based Carlisle Companies Inc.
“The divestiture of ArvinMeritor’s off-highway brakes operation is aligned with the company’s strategy to focus on its core products within the Light and Commercial Vehicle Systems businesses,” said Chairman, President and Chief Executive Officer Charles G. “Chip” McClure.
“We will continue to offer a complete range of on-highway braking systems and components designed to meet the sophisticated needs of the commercial vehicle industry, both for our original equipment production and aftermarket customers around the world,” he said.
In October 2003, ArvinMeritor sold the former central tubing plant near Walesboro, which employed 117, to a subsidiary of AK Steel. In December, it sold the 17th Street plant, which employed 520, to three Cleveland-based private investors.
About a year ago, the company also announced it plans to sell its Light Vehicle Aftermarket group. The smallest of the company’s three groups, LVA generated sales of $845 million in 2003.
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