ArvinMeritor completes sale of wheels business

ArvinMeritor, Troy, Mich., has announced that it has completed the previously announced sale of its Wheels business—formerly a division of the company's Light Vehicle Systems segment—to lochpe-Maxion S.A., a Brazilian producer of wheels and frames for commercial vehicles, railway freight dars, and castings, for approximately $180 million. The company expects to use the net proceeds of $169 million from the sale to reduce outstanding balances on its revolving credit facility in advance of its fourth fiscal quarter end. The company reiterated that it expects to remain in compliance with its financial covenant in the fourth quarter.