Terms of the agreement were not disclosed.

This latest move follows the late-February sale of ArvinMeritor’s Purolator filter business to Mann+Hummel for $170 million in cash.

Commenting on the sale, Chip McClure, ArvinMeritor chairman, president and CEO, said: "This transaction will further enhance ArvinMeritor’s goal to strengthen our financial position and focus on our core operations. This sale also provides the LVA exhaust group the opportunity to grow with IMCO."

The sale affects approximately 500 employees at the Loudon and Moncton facilities.