ArvinMeritor announces agreement to sell Kenton, Ohio, facility
May 5, 2004 10:38 AM
ArvinMeritor, Inc. announced 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.
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