Dana Corp. completes sale of automotive business
Dana Corp. has completed the sale of its automotive businesses to Affinia Group Inc. for $1 billion, including roughly $950 million in cash.
"The sale proceeds provide Dana with important strategic and financial flexibility," says Dana Chairman and CEO Michael Burns.
"The sale also demonstrates our commitment to our core businesses and positions us to better leverage our core products and capabilities on the behalf of our global original equipment customers."
The sale involves 52 facilities that employ 13,000 people.
Combined annual sales of Dana´s automotive businesses totaled $2 billion in 2003.
The transaction did not include Dana´s engine products distribution and marketing arms, which the company has retained.
Affinia is an affiliate of The Cypress Group. The Cypress Group is part of an entity that has agreed to buy Cooper Tire & Rubber Co.´s Cooper-Standard Automotive division, a deal that is expected to be completed by the end of the month.