ArvinMeritor Inc has signed a definitive agreement to sell its Emissions Technologies business group to One Equity Partners (OEP), an equity investment firm based in New York. Cash and other consideration total about $310 million. The transaction is expected to be completed in the third quarter of fiscal year 2007.
The Emissions Technologies has operations in 19 countries, 7,500 employees, and several long-term joint venture relationships. H H “Buddy” Wacaser, president of Emissions Technologies, and his management team will continue to lead it after the transaction closes. Once that occurs, the new Emissions Technologies company will have dual headquarters in Columbus IN, as well as in the metro Detroit area.
The transaction is subject to standard regulatory approvals, including review under the Hart-Scott-Rodino Antitrust Improvements Act. Consultation with employee representatives will also take place.
After the sale of its Emissions Technologies business, ArvinMeritor will have about 20,000 employees, with 75 facilities in 22 nations.