Affinia Group Inc. announced it has signed agreements to sell the Brazilian operations of its Affinia South America (ASA) business, which makes up approximately 90 percent of ASA’s sales.
“The divestiture of these businesses gives us greater opportunity to focus on our Global Filtration segment, executing on our strategic initiatives to produce the best performing, most reliable filters in the world,” said Keith Wilson, president and CEO of Affinia. “We extend our appreciation to the individuals within the ASA team who helped lead and grow the businesses over the years, and wish them all continued success.”
The divestiture, which is subject to regulatory approval and customary closing conditions, is expected to close in the second half of this year.
Steven Klueg, senior vice president and chief financial officer for Affinia, said the proceeds of the sale will be used to reduce the company’s debt levels and further strengthen its balance sheet. Affinia currently garners approximately $1.4 billion in annual revenue through operations in North and South America, Europe and Asia.
