ArvinMeritor Inc., Troy, Mich., announced it has signed a definitive agreement to sell its Emissions Technologies business group, Columbus, Ind., to One Equity Partners (OEP), an equity investment firm based in New York.

The agreement, including cash and other considerations, totals approximately $310 million. The transaction should be completed by the third quarter of fiscal year 2007.

Chairman, CEO and President Charles G. McClure said in a press release that the sale was intended to strengthen other areas of the company’s business.

“By focusing on and investing in our light and commercial vehicle businesses, where we have superior products, strong market positions and higher margins, we see greater potential for sustained profitable growth in our core capabilities,” he said.

ArvinMeritor will continue to make parts for vehicle chassis, including braking and suspension systems and wheels, drivetrain and aperture applications.

McClure also said that the company will continue to move resources out of the country.

“We are implementing an aggressive strategy in Asia and committing resources to sustainable and profitable growth in this region,” he said.

OEP plans to grow the Emissions Technologies Group in the near future, according to Lee Gardner, a senior partner in the company.

“We believe that the worldwide push to reduce pollutants and greenhouse gas emissions will create long-term opportunities for companies focused on advanced exhaust and emissions technology, and we are very pleased to be acquiring a leading company in this industry,” Gardner said. “We will seek to build on the competitive strengths of the business and position it for long-term success."

The Emissions Technologies business has operations in 19 countries, 7,500 employees and several long-term joint venture relationships. H. H. "Buddy" Wacaser, president of Emissions Technologies, and his management team will continue to lead it following the close of the transaction.

Once the transaction closes, the new Emissions Technologies company will have dual headquarters in Columbus and the metro-Detroit area.

After the sale of the Emissions Technologies business, ArvinMeritor will have about 20,000 employees, with 75 facilities in 22 countries.