ArvinMeritor Divests from Light-Chassis Ventures

Truck components maker ArvinMeritor Inc. said Monday it will sell one of its light-vehicle chassis businesses to a private equity firm, selling its Control Products North America to OpenGate Capital.

Terms were not released for the deal, which ArvinMeritor said it expects to close within two months.

The move follows an announcement last week in which ArvinMeritor said it will sell its stake in two light-vehicle chassis joint ventures to focus on the commercial vehicle market.

That statement said the company will sell its 57% stake in Meritor Suspensions Systems Co. and that it sold its 51% stake in Gabriel de Venezuela, which makes shock absorbers, struts, exhaust systems and suspension modules for the South American market.

Meritor Suspensions Systems Co. builds coil springs, tension bars and stabilizer bars. Mitsubishi Steel Mfg. Co., the other partner in the venture, will buy ArvinMeritor’s stake. Together, the sales represent a divesture of 87% of its chassis systems business.