Meritor Inc. completed its sale of a half ownership in Suspensys Sistemas Automotivos Ltda., a Brazilian venture that produces axles and suspension systems for commercial vehicles. The buyer is Randon S.A. Implementos e Participacoes, Meritor’s former partner in the joint venture.
Confirming the sale price announced in April, Meritor said it received “$195 million in cash and other consideration” at the closing.
Meritor -- which manufactures commercial vehicle axles, brakes, suspensions, and drivetrain systems -- has not indicated any reason for the sale. It still has three manufacturing operations in Brazil, producing drivetrain systems and components, braking and suspension systems, and commercial vehicle aftermarket products. It also has engineering and distributions centers there.
Suspensys Sistemas Automotivos was formed in 1997 to manufacture commercial vehicle axles and suspensions. Randon is a holding company for several manufacturing and service companies, mainly producing automotive and commercial vehicle parts.
The joint venture was formed in 2002 when Meritor and Randon together acquired Suspensys Sistemas, and the operation moved into a new manufacturing plant in 2003. Its basic products are air and mechanical suspension systems for trucks, buses and trailers, trailer axles, third axles, hubs and drums for trucks, buses and trailers.