Dana Holding Corporation Acquires Magnum Gaskets® Business
Feb 1, 2016
MAUMEE, Ohio, Feb. 1, 2016 /PRNewswire/ -- Dana Holding Corporation (NYSE: DAN) announced today that it has completed the acquisition of Magnum Gaskets®, a U.S.-based supplier of aftermarket gaskets and sealing products for automotive and commercial-vehicle applications. Magnum Gaskets will enhance Dana's sealing product offerings and complement the company's Victor Reinz® and Glaser® global sealing brands.
"This acquisition aligns with Dana's growth strategy and our company's global position as a preeminent supplier of gaskets and sealing technologies for original-equipment manufacturers and our aftermarket customers," said James Kamsickas, Dana president and chief executive officer. "This strategic action will enable Dana to increase customer satisfaction, while accelerating our aftermarket growth by expanding our portfolio of products and the geographical regions in which we operate."
The Magnum Gaskets® brand offers a broad range of gasket solutions, including cylinder head, valve cover, oil pan, and manifold gasket sets for the North American automotive aftermarket. Distribution of Magnum Gaskets to existing customers will not be disrupted as a result of the acquisition.
"The aftermarket sealing business is a priority for Dana, and we are proud to add Magnum Gaskets to our portfolio of well-respected aftermarket brands, expanding Dana's market position as a world leader in gasket and sealing technologies," said Doug Wolma, vice president and general manager of the Dana Aftermarket. "We are pleased to have another outstanding product offering within our aftermarket business to better meet our customers' needs in North America and around the world."
Located in Bannockburn, Illinois, Magnum Gaskets was purchased from Modern Silicone Technologies Inc. (MSi™), a leading American contract manufacturer of high-tech molded gaskets with a focus on liquid silicone rubber injection molding and liquid silicone rubber over-molding onto rigid substrates.
The terms of the agreement were not disclosed.
About Magnum Gaskets
The Magnum Gaskets brand features complete gasket sets of world-class quality for domestic and imported cars and light trucks, including diesel and performance coverage. For more information, visit www.magnumgaskets.com.
About Dana in the Aftermarket
Powered by recognized brands such as Dana®, Spicer®, Victor Reinz®, Glaser®, Magnum®, GWB®, Thompson®, Tru-Cool®, SVL®, and Transejes™, Dana delivers a broad range of aftermarket solutions – including genuine, all makes, and value lines – servicing passenger, commercial, and off-highway vehicles across the globe. Leveraged by a global network of 13 distribution centers, Dana's dedicated aftermarket team provides technical service, customer support, high fill rates, and on-time delivery to customers around the globe. For more information, please visit www.dana.com/aftermarket.
About Dana Holding Corporation
Dana is a global leader in the supply of highly engineered driveline, sealing, and thermal-management technologies that improve the efficiency and performance of vehicles with both conventional and alternative-energy powertrains. Serving three primary markets – passenger vehicle, commercial truck, and off-highway equipment – Dana provides the world's original-equipment manufacturers and the aftermarket with local product and service support through a network of nearly 100 engineering, manufacturing, and distribution facilities. Founded in 1904 and based in Maumee, Ohio, the company employs approximately 23,000 people in 25 countries on six continents. For more information, please visit dana.com.
SOURCE Dana Holding Corporation
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