- Posted December 02, 2011
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BorgWarner agrees to sell tire pressure business
AUBURN HILLS (AP) -- Auto parts supplier BorgWarner Inc. said Wednesday that it has agreed to sell its tire pressure monitoring business to Huf Electronics GmbH. Financial terms were not disclosed.
The sale, which is subject to regulatory approvals, includes a manufacturing facility in Germany that employs about 230 people.
The Auburn Hills, Mich.-based company bought the tire pressure monitoring business as part of its 2005 purchase of its BERU diesel cold start and ignition systems business.
While the business' technology meets the upcoming strict European standards, BorgWarner said it's not in line with its focus on powertrain technologies. The sale is limited to the tire pressure monitoring business only.
As a result of the original 2005 BERU acquisition purchase price allocation, the company said it will incur a loss on the sale of about $10 million to $15 million.
In midday trading, BorgWarner shares rose $3.79, or 6.1 percent, to $65.98 per share as the overall market rallied.
Published: Fri, Dec 2, 2011
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