TROY, Mich., (Feb. 27, 2006) — ArvinMeritor, Inc. has agreed to sell its Light Vehicle Aftermarket (LVA) Purolator filters business in North America to Bosch Group and Mann+Hummel Group of Germany.
The transaction is subject to regulatory approvals. Terms of the agreement—part of ArvinMeritor's previously announced strategy to divest its LVA businesses individually—were not disclosed.
Bosch and Mann+Hummel said they intend to operate Purolator, which is based in Fayetteville, N.C., as a joint venture. Purolator is one of the largest manufacturers of oil, air, fuel and cabin filters in the world, with production in Fayetteville; a distribution facility in Salt Lake City; and a marketing and administrative center in Brentwood, Tenn.
Purolator has been making, marketing and distributing filters since 1923. According to ArvinMeritor, the first automotive oil filter, patented by Ernest J. Sweetland and George H. Greenhalgh, was called a “Purolator.” The company said its Fayetteville operation is the largest filter plant in the world. The Purolator brand includes more than 2,000 part numbers for automotive, light truck and heavy-duty applications.
“The sale of Purolator is another key strategic step that enables us to focus on our core competencies and strengthen our financial position,” said Chip McClure, ArvinMeritor chairman, president and CEO. “While Purolator is a strong business with a long heritage and a talented workforce, it is a business that no longer fits our long-term strategy.
“We are encouraged by the interest that potential buyers have shown in our global LVA businesses, and we continue to work diligently to divest these remaining businesses in a way that is fair to our employees and generates maximum value for our shareholders.”
The Bosch Group is a global manufacturer of automotive and industrial technology, consumer goods, and building technology.
Mann+Hummel is an international company that develops, produces and sells automotive components such as air filter systems, intake manifold systems, liquid filter systems and cabin filters for the automotive industry, and filter elements for vehicle servicing and repair.