ArvinMeritor to sell light wheels biz; reports 3Q loss
TROY, Mich. — Truck components maker ArvinMeritor continues to shed its light-vehicle businesses, this time with the sell off of its wheels division to Iochpe-Maxion S.A. of Brazil.
It’s expected that the $180 million sale will be completed by the end of September.
In June, the company sold its stake in both of its light vehicle Chassis ventures as part of its goal to focus almost exclusively on the North American commercial vehicle industry.
Meanwhile, the company reported losses of $162 million or $2.23 per share in its fiscal third quarter, compared profits of $44 million last year.
ArvinMeritor adds, however, that some of the restructuring underway kept a lid on further losses.
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