ArvinMeritor, Inc. announced the sale of the assets of its off-highway brake business to Carlisle Braking Products, owned by Carlisle Companies Incorporated of Charlotte, N.C., U.S. The purchase price of the transaction is approximately $39 million. The transaction will include the sale of equipment and assets from manufacturing facilities in York, S.C., U.S. and Cwmbran, South Wales, U.K.
"The divestiture of ArvinMeritor's off-highway brakes operation is aligned with the company's strategy to focus on its core products within the Light and Commercial Vehicle Systems businesses," said Chip McClure, ArvinMeritor chairman, CEO and president. "We will continue to offer a complete range of on-highway braking systems and components designed to meet the sophisticated needs of the commercial vehicle industry, both for our original equipment production and aftermarket customers around the world."
The company sold its off-highway axle business to AxleTech International of Troy, Mich., in December 2002.