The Cypress Group LLC, a New York-based private equity group, has entered into an agreement with the Dana Corp. to purchase its Automotive Aftermarket Group (AAG) for approximately $1.1 billion in cash.
The transaction, subject to normal closing conditions and regulatory approvals, is expected to be completed within 45 to 90 days.
The companies being purchased include Brake Parts Inc., Wix Global Filtration, Quinton Hazell (Europe) and Beck/Arnley. These businesses employ more than 13,000 people and had sales of $2 billion in 2003.
"Having spent considerable time with people at the Cypress Group, we're certain that they have a very clear and bright vision of what our business should be," said Terry McCormack, president of the Dana Automotive Aftermarket Group. "All of us in the AAG are excited about the new opportunities that lie ahead."
Dana Corp. was founded in 1904 and is based in Toledo, Ohio. It designs, engineers and manufactures value-added products and systems for automotive, commercial, and off-highway vehicles. Dana Corp. operates technology, manufacturing and customer-service facilities in 30 countries. Sales from continuing operations totaled $7.9 billion in 2003.
