Meritor Completes Sale Of Seat Adjusting Systems And Sun Visor Businesses.

Meritor Automotive, Inc. said that it has completed the sale of its Light Vehicle Systems (LVS) seat adjusting systems business, to Dura Automotive Systems, Inc. for cash consideration of $130 million. The seat adjusting systems business develops and supplies the industry's leading seat makers

As it previously announced on Oct. 28, 1999, Meritor agreed to sell the business to Dura because it no longer was core to the strategic direction of Meritor's LVS business.

Terry O'Rourke, senior vice president and president of Meritor's LVS business explained: "Completing the sale of this business illustrates Meritor's commitment to pursue its two-pronged LVS strategy: to obtain a world-leading position in aperture systems that include door, access control and roof systems, and to become a global market force in undercarriage components and systems including suspensions, wheels and corner modules."

Divest Sun Visor Business Sold to Grupo Antolin- Meritor Automotive, Inc. also said it has completed the sale of its Light Vehicle Systems (LVS) sun visor production operations located in Rupt-sur- Moselle, France, to Grupo Antolin-Vosges S.A.S., a new French corporation being established by Grupo Antolin-Irausa S.A. of Spain. Terms of the sale were not disclosed.

O'Rourke explained: "Divesting our sun visor operations, which is a non-core business for LVS, further demonstrates our commitment to pursue our LVS growth strategy in the aperture (door, access control and roof systems) and undercarriage (components and systems, such as suspensions, wheels, comer modules and other components) markets worldwide."

Meritor's former sun visor operations in Rupt-sur-Moselle produced and supplied to Europe's leading vehicle interior suppliers, including Grupo Antolin, sun visors for light vehicles, Meritor said. The business employs more than 180 people at its Rupt-sur-Moselle facility.

Damian Gordo, Grupo Antolin's Commercial Director and CEO for its North American Operations said: "Acquiring Meritor's sun visor business enables Grupo Antolin to enhance its position as the largest supplier in Europe of highly functional, low cost, modular headliner solutions for car manufacturers worldwide. It is Grupo Antolin's strategy to integrate modular headliner components. Therefore, this acquisition will meet Grupo Antolin's requirements on sun visor production."