TROY, Mich. (Aug. 5, 2009) — Vehicle components maker ArvinMeritor Inc. has agreed to sell its wheel-making business to Brazilian wheel maker Iochpe-Maxion S.A. for about $180 million.
The deal is expected to close by Sept. 23 after more than a year of efforts by ArvinMeritor to divest its Light Vehicle Systems unit. The acquisition requires regulatory approval by authorities in Brazil and the U.S., according to Sao Paulo-based Iochpe-Maxion.
The deal includes two factories, in Brazil and Mexico, and customer support offices in Troy. The business has annual revenue of about $325 million, Iochpe-Maxion said.
The wheel unit makes fabricated steel wheels, bead seat attached wheels, full-face designed wheels and clad wheels with the appearance of a chrome finish, according to ArvinMeritor. The range covers both medium- and heavy-duty trucks.