ArvinMeritor’s light vehicle systems (LVS) business group has signed a letter of intent to sell its 57% shareholding in Meritor Suspension Systems Company (MSSC) to joint venture partner Mitsubishi Steel.(MSM).
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The joint venture, formed in 1986, produces steel torsion and stabiliser bars and coil springs for the North American passenger car market. The sale is subject to final ArvinMeritor board and regulatory approval; terms of the transaction were not disclosed.
“Due to the competitive global nature of the automotive industry, the current regional structure of this joint venture has limited its ability to grow,” said LVS group president Juan De La Riva.
