ArvinMeritor Inc announced that it has reached an agreement to sell its Body Systems business to an affiliate of Inteva Products LLC, a wholly owned subsidiary of The Renco Group Inc.

The transaction is subject to regulatory approvals and other customary closing conditions. The purchase price is approximately USD illion, including deferred consideration and excluding potential adjustments for items such as working capital fluctuations. Houlihan Lokey and UBS Investment Bank are financial advisors to ArvinMeritor on the transaction.

Mr Chip McClure chairman, CEO &president of ArvinMeritor said “With this transaction, we are now able to fully focus on our core businesses of Commercial Truck, Industrial and Aftermarket & Trailer. Finalizing this agreement is an important milestone for us and underscores our commitment to building value for ArvinMeritor's shareholders."

When complete, the divestiture will affect more than 5,000 employees at facilities in 14 countries, and will substantially complete the sale of ArvinMeritor's Light Vehicle Systems business.