ERJ staff report (AN)
Detroit, Michigan -- BorgWarner Inc. said today it sold its tyre pressure monitoring business to Germany-based Huf Electronics GmbH.
Financial terms of the deal were not disclosed and the transaction is subject to regulatory approvals. The deal includes a plant in Bretten, Germany, that employs about 230 people.
The tyre-pressure business was acquired as part of BorgWarner's acquisition of a majority stake in Beru AG for $490 million in 2005, the same year BorgWarner moved its headquarters from Chicago to metro Detroit.
BorgWarner acquired its stake in Beru for the diesel technology.
Birmingham-based financial advisory firm Angle Advisors LLC and its German affiliate @Visory Parnters represented BorgWarner on the deal.