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Feb 6, 2007 12:50 PM

ArvinMeritor Inc, Troy MI, has signed a definitive agreement to sell its emissions technologies business group for $310 million to One Equity Partners (OEP), an equity investment firm based in New York.

The transaction is expected to be completed in the third quarter of fiscal year 2007. H H "Buddy" Wacaser, emissions technologies division president, and his management team will continue to lead the group following the close of the transaction. When the transaction closes, the new company will have dual headquarters in Columbus IN, as well as in the metro Detroit MI area, according to ArvinMeritor information.

The emissions technologies division serves light and commercial vehicle manufacturers worldwide. The business has operations in 19 countries, 7,500 employees, and several long-term joint venture relationships.