TROY, Mich., May 3 /PRNewswire/ -- ArvinMeritor, Inc. announced today that it has signed a definitive agreement to sell its Commercial Vehicle Systems (CVS) Kenton, Ohio, facility to a subsidiary of Sypris Solutions, Inc., which is headquartered in Louisville, Ky.
The divestiture of this facility will enable ArvinMeritor to concentrate on its core processes for the design and assembly of complete systems -- consisting of axles, brakes, suspensions, tire inflation and ride control. As part of the agreement, ArvinMeritor and Sypris will begin a multi-year outsourcing arrangement.
"The Kenton facility has been part of the ArvinMeritor family since 1948, and has contributed significantly to the company's growth during those years," said Sergio Carvalho, vice president and general manager of ArvinMeritor's Braking Systems, Suspension Systems, Trailer Products and Ride Control businesses. "This agreement gives the employees in Kenton a tremendous opportunity to prosper with Sypris, while allowing ArvinMeritor to focus on its long-term growth strategy for the trailer systems business."
Sypris is a diversified provider of outsourced services and specialty products. Its core markets include aerospace and defense electronics, truck components and assemblies, and test and measurement services.
ArvinMeritor, Inc. is a premier $8-billion global supplier of a broad range of integrated systems, modules and components to the motor vehicle industry. The company serves light vehicle, commercial truck, trailer and specialty original equipment manufacturers and related aftermarkets. Headquartered in Troy, Mich., the company employs approximately 32,000 people at more than 150 manufacturing facilities in 27 countries. ArvinMeritor common stock is traded on the New York Stock Exchange under the ticker symbol ARM. For more information, visit the company's Web site at: http://www.arvinmeritor.com/ .
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20010524/ARVINLOGO
PRN Photo Desk, photodesk@prnewswire.com