ArvinMeritor ( ARM) sold its North American Light Vehicle Aftermarket exhaust business to International Muffler Co., an aftermarket exhaust systems and components producer. The terms of the agreement were not disclosed. But Arvin, an integrated systems, modules and components supplier to the motor vehicle industry, said the business is based in Loudon, Tenn., and Moncton, New Brunswick. The Troy, Mich.-based company said the divestiture of the unit to Schulenburg, Texas-based IMCO will affect about 500 employees. "This transaction will further enhance ArvinMeritor's goal to strengthen our financial position and focus on our core operations," the company said. "This sale also provides the LVA exhaust group the opportunity to grow with IMCO." On Wednesday, Arvin fell 18 cents to $14.18.