ArvinMeritor Inc. announced that it has completed the previously announced sale of its wheel business — formerly a division of the company’s light vehicle systems segment — to Iochpe-Maxion S.A., a Brazilian producer of wheels and frames for commercial vehicles, railway freight cars and castings, for approximately $180 million.

ArvinMeritor said it will use the net proceeds of $169 million from the sale to reduce outstanding balances on its revolving credit facility in advance of its fourth fiscal quarter end.

The company announced earlier its intent to sell its light-duty and automotive-related businesses and focus exclusively on the commercial truck sector.

By Light & Medium Truck