TROY, Mich. (AP) -- Auto parts supplier ArvinMeritor Inc. said Thursday it plans to sell its stake in two light-vehicle chassis joint ventures as part of its business plan to focus on the commercial vehicle market.
The company said it signed a letter of intent to sell its 57 percent stake in Meritor Suspensions Systems Co., which builds automotive coil springs, torsion bars and stabilizer bars in North America. Its joint partner, Mitsubishi Steel Mfg. Co., will buy its stake.
ArvinMeritor also said it completed the sale earlier this month of its 51 percent stake in Gabriel de Venezuela, which manufactures shock absorbers, struts, exhaust systems and suspension modules for the South American market.
The sales will result in the divestiture of 45 percent of ArvinMeritor's chassis systems business, the company said.
Shares of ArvinMeritor rose 30 cents, or 8.3 percent, to $3.90 in premarket trading following the announcement.